With new updates on tariff and counter tariffs coming almost on a daily basis, the last week was one of the most volatile weeks for the Indian equity market in recent times. 

After plunging sharply on Monday, the Indian market regained some of the lost ground over the rest of the week. The week had only four trading days, as the stock markets were closed on Thursday on the occasion of Mahavir Jayanti. 

Despite the recovery after Monday’s (April 7) decline, a majority of new-age tech stocks remained under pressure this week. Nineteen out of the 32 new-age tech stocks under Inc42’s coverage fell in a range of 0.44% to under 9% this week. 

FirstCry parent Brainbees Solutions took the biggest dent this week, with its shares plunging 8.51% to end Friday’s (April 11) trading session at INR 326.90.

The company’s shares, along with 9 other new-age tech stocks, touched an all-time low of INR 301 on Monday. 

Among the list of losers, shares of CarTrade saw intense volatility. After ending Monday’s session down over 12%, the company’s shares surged over 11% during the intraday trade on Friday. Yet, the company’s shares ended the week 7.90% lower from last Friday’s close at INR 1,536.85. 

Meanwhile, shares of Bhavish Aggarwal-led Ola Electric crashed 4.29% this week to end at INR 50.19. Amid growing regulatory troubles, the company’s shares touched an all-time low at INR 45.55 this week. 

Addressing reports about it counting sales of vehicles for which deliveries weren’t started in its February numbers, Ola Electric said this week that the sales numbers were based on paid and confirmed orders, not “preliminary bookings”. Later in the week, it rolled out the first set of Roadster X motorcycles from its factory in Tamil Nadu’s Krishnagiri. 

Swiggy, TBO Tek, Honasa Consumer, Fino Payments Bank, ideaForge, Go Digit, ixigo, were among the other losers this week. 

Meanwhile, 13 new-age tech stocks ended the week in the green, gaining in a range of 0.46% to over 9%. The top gainer this week was EaseMyTrip, with its shares gaining 9.17% to end at INR 13.09. The  gains came after the company’s shares also touched a fresh 52-week low of INR 10.71 on Monday. 

Yesterday, the online travel aggregator said that its board approved the allotment of 12.57 Cr equity shares on a preferential basis for a non-cash consideration for acquisition of stakes in various companies.

The list of gainers this week also featured new-age tech companies with the biggest market cap – Eternal, Paytm, PB Fintech. 

As a result, the total market cap of the 32 new-age tech companies went up marginally to $74.78 Bn from last week’s $74.75 Bn.

Now, let’s take a deeper look at what happened in the broader market last week. 

Tariff Troubles Hit Sentiment 

Tariff and counter tariff imposition announcements by China and the US resulted in mood swings in the global equities markets this week.

While the Indian market began the week on a bearish note, sentiment improved significantly in the subsequent sessions after US President Donald Trump deferred imposition of tariffs on all countries, except China, for 90 days. 

Further, the RBI cut the repo rate by 25 basis points to 6% this week. On Friday, the central bank also announced that it will purchase government securities worth INR 40,000 Cr on April 17, marking its third open market operation (OMO) purchase of gilts. A significant improvement in Indian rupee value and a weakening dollar also led to an improvement in market sentiment. 

Yet, Sensex and Nifty 50 ended the week in the red, both declining 0.3% from last Friday’s close to end at 75,157.26 and 22,828.55, respectively. 

However, foreign institutional investors (FIIs) continued their selling in the Indian market. FIIs have sold equities worth INR 31,988 Cr in the month of April so far, taking their total selling in the equity market in 2025 to INR 1.62 Lakh Cr. 

“A clear pattern in FPI strategy will emerge only after the ongoing chaos dies down. In the medium term, FIIs are likely to turn buyers in India since both the US and China are heading for an inevitable slowdown as a result of the ongoing trade war. Even in an unfavourable global scenario, India can grow by 6% in FY26,” said Dr. VK Vijayakumar, chief investment strategist at Geojit Investments. 

Moving forward, the US-China trade war, the outcome of the ongoing bilateral trade negotiations between India and the US, and the ongoing earnings season would decide the market trends in the following. 

With that said, let’s dive into the performance of a couple of new-age tech stocks this week.

Delhivery Confident About Ecom Express Acquisition

Last week, Delhivery announced the acquisition of rival Ecom Express for INR 1,407 Cr, about 20% of its last private valuation.

Following this, the stock gained 5% on Monday. However, it declined significantly during the rest of the week. The company’s shares ended the week at INR 246.85, down 4.41% from the previous week. With this, its market cap stood at $2.14 Bn, down about 5% from last week’s $2.25 Bn. 

A potential reason driving the bear sentiment was investor skepticism over Delhivery’s integration of Ecom Express.

Delhivery’s $200 Mn acquisition of partial truck load (PTL) logistics platform SpotOn Logistics in 2021 caused significant integration challenges. 

However, Delhivery clarified on Friday that the Ecom Express acquisition poses “significantly” lower risks compared to its acquisition of SpotOn.

It added that no new technology integrations will have to be “created or changed” as part of the deal as there is a near total overlap (nearly 100% in customer count and 95% in terms of revenue) between Delhivery and Ecom Express. 

Nykaa’s Strong Q4 Projections

Last Sunday (April 6), beauty and personal care major Nykaa gave a strong business update for Q4. Nykaa said that its net revenue grew in the low to mid-20% range year-on-year (YoY) in the March quarter. 

“Nykaa’s full financial year FY25 revenue growth is estimated to be at similar levels in mid twenties, indicating consistent growth across all quarters of FY25,” the company said.

The company added that the beauty vertical remained the key growth driver, with its gross merchandise value (GMV) projected to grow in the low 30% range, significantly ahead of industry benchmarks, in Q4. 

On the back of these projections, Nykaa’s shares gained 1.58% from last week to close at INR 179.65. 

The post New-Age Tech Stocks See Bearish Sentiment Amid Volatile Market, FirstCry Biggest Loser appeared first on Inc42 Media.

Months after announcing acquisitions of businesses in erstwhile uncharted territories, online travel aggregator (OTA) EaseMyTrip’s (EMT) board has approved the allotment of 12.57 Cr equity shares to Jeewani Hospitality, Rollins International, Pfledge Home Health Care Center, and Planet education promoters Gagandeep Singh and Sanket Champaklal Shah on a preferential basis for a non-cash consideration for acquisition of stakes in the companies.

In an exchange filing, EaseMyTrip said that the allotted 12.57 Cr equity shares are worth INR 229.03 Cr, a premium of about 40% considering the closing price of the company’s shares of INR 13.09 yesterday on the BSE. Following the allotment, the allottees will cumulatively hold 3.42% stake in the OTA.

All of the aforementioned acquisitions are part of EaseMyTrip’s bid to expand into newer business segments to charge up its top line.

On December 8, the company sought the approval of its shareholders to allot 12.84 Cr shares to the aforementioned parties at a price of INR 18.22 apiece. 

Of these, 27.44 Lakh were to be allotted for a cash consideration of INR 5 Cr to actress Jacqueline Fernandez, who became its brand ambassador in August 2024. The remaining allotment was to take place for a non-cash consideration.

As per the company’s postal ballot notice, the promoters and promoter group stake in the company will reduce to 48.62% from the erstwhile 50.38% following the allotment of the shares.

Here’s a brief on the contours on the equity allotments made by EaseMyTrip today:

— Jeewani Hospitality was allotted 5.48 Cr shares worth INR 100 Cr. In February 2024, the travel tech major announced an investment of INR 100 Cr for a 50% stake in Jeewani Hospitality Private Limited, a part of the Jeewani Group. The company then shared plans to build a new five-star hotel in the city of Ayodhya with the new acquisition. Jeewani got 1.49% stake in the OTA. 

— Healthtech Rollins International was allotted 3.29 Cr shares worth INR 60 Cr. In September, EMT announced the acquisition of a 30% stake in Singapore-based Rollins International via an equity share swap. Rollins is a subsidiary of RHA Holding and operates multiple healthcare related brands like clinic chain brand The Wellness Co, healthy food brand PureFoods, among others. Rollins will own 0.90% stake in the OTA. 

— EMT allotted 54.88 Lakh equity shares worth INR 10 Cr to Dubai-based healthtech company Pflege Home Health Care Center. In September, the company picked up 49% stake in Pflege Home Health for INR 30 Cr. Pflege facilitates medical tourism, providing services for patients seeking treatment abroad. Pflege will own 0.15% stake in the OTA. 

— Besides allotting shares to Pflege, EMT also allotted 1.09 Cr shares worth INR 19.83 Cr to the Dubai-based company’s selling shareholder Bhisham Sheoran. This is part of the INR 20 Cr share purchase from the healthtech company’s stakeholders. Sheoran will hold a 0.30% stake in EMT post the allotment.

— The company allotted 1.08 Cr shares worth INR 19.60 Cr apiece to the promoters of Planet Education’s – Gagandeep Singh and Sanket Shah. EaseMyTrip announced the acquisition of a 49% stake in the Australia-based study abroad consultant services provider in November. With this stake acquisition, the company has set its sights on the international study tourism segment. Both allottees will own 0.29% stake in EMT.

EMT has continued on its path to expand into new business segments this year as well. Last month, it announced plans to foray into the charter aviation sector with the acquisition of a 49% stake in Big Charter Pvt Ltd. 

Amid the expansion spree, the company’s profitability took a hit in Q2 and Q3 of FY25.

In Q3, the travel tech company’s PAT crashed nearly 26% to INR 34.02 Cr from INR 45.68 Cr in the year-ago quarter. Operating revenue slid 6% to INR 150.56 Cr in the December quarter from INR 160.78 Cr in the same quarter last year. 

Shares of EaseMyTrip ended Friday’s session 8.09 % higher from the previous close on the BSE. 

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With around eight startups solidifying their public listing plans, multiple new fund launches and consolidation activities, the Indian startup ecosystem was buzzing with activity in the second week of April. 

Amid all this, investment activity in the world’s third largest startup ecosystem also went up a notch.

Between April 7 and 12, Indian startups cumulatively raised $195.1 Mn across 20 deals, marking a 35% surge from the $144.4 Mn raised by 22 startups in the preceding week. 

With that, here’s a recap of what happened over the past week in the Indian startup ecosystem. 

Funding Galore: Indian Startup Funding Of The Week [ Apr 7 – Apr 12 ]

Key Startup Funding Highlights Of The Week

• The week’s largest funding round saw fintech major Juspay raising $60 Mn in its  Series D round led by Kalaari Capital. While the valuation at which the funding round was materialised is yet to be discerned, reports suggest that the round catapulted the startup into the unicorn club. 
• Juspay’s fundraise, along with Easebuzz’s $30 Mn round, ensured that fintech remained the investor favourite segment this week as it has over the past few weeks.
• While fintech remained the most funded sector this week, ecommerce saw the greatest number of eight deals materialise during the week. Startups, including Mosaic Wellness and Noise, among others, raised $66 Mn this week. 
• The most active investors this week were Accel and 100Unicorns, backing two startups apiece. 
• Five startups at the seed stage raised $10.1 Mn this week, down slightly from the $11 Mn raised by seven startups at this stage last week. 

Startup IPO Developments This Week

• SEBI announced the approval of the INR 1,000 Cr IPO of jewellery startup BlueStone and INR 1,450 Cr IPO of NBFC Aye Finance this week.
• Taking its second stab at the bourses, bOAt’s parent Imagine Marketing filed its IPO papers via the confidential filing route this week.
• Enroute to the bourses, fintech major Pine Labs got NCLT’s final approval to reverse flip to India. With this, the startup will be merging its Singapore entity with its Indian entity.
• Amid the ongoing market volatility, EV major Ather Energy is mulling to trim its IPO size from $400 Mn to $350 Mn. Some of its shareholders are likely to cut their stake sales.
• Urban Company’s board approved raising up to INR 528 Cr (about $60 Mn) via a fresh issue in its IPO. The startup’s total IPO size, including the offer for sale component, could go up to INR 3,000 Cr. 
• Peak XV-backed Turtlemint is said to be in talks with bankers to launch a $200-250 Mn IPO within this year.

Fund Updates This Week

• US-based VC firm Expert Dojo launched its third global fund with a target corpus of $100 Mn this week and plans to invest about $15 Mn in Indian startups.
• Asha Ventures secured a commitment of $10 Mn from the British International Investment for its maiden fund.
• InCred Capital’s investment arm InCred Alternatives announced the final close of its maiden private equity fund, InCred Growth Partners Fund-I (IGPF-I), with commitments exceeding INR 575 Cr this week. 
• Neo Asset Management marked the first close of its second private credit fund at INR 2,000 Cr. 

Updates On Startup M&As

• In an announcement on Saturday last week, Delhivery announced the proposed acquisition of rival Ecom Express for $165 Mn.
• Aurionpro announced the acquisition of Fintra Software to enhance its transaction banking offerings this week.
• IndiGo parent InterGlobe Aviation and French hospitality major Accor will soon be picking up a majority stake in hotel chain startup Treebo.
• IPO-bound PhysicsWallah is evaluating seven to eight entities in the UPSC preparation space to strike a buyout deal.

The post From Juspay To Noise — Indian Startups Raised $195 Mn This Week appeared first on Inc42 Media.

Online travel aggregator (OTA) Yatra has appointed Anuj Kumar Sethi as the company’s interim CFO. The appointment comes almost a month after its former group CFO Rohan Mittal resigned from the company. 

In an exchange filing today, Yatra said that Mittal’s last working day was April 10. 

The new interim CFO took over the C-suite office today and will continue to hold the position till Yatra finds a new group CFO. Prior to this, Sethi was serving as the company’s principal financial officer and principal accounting officer. 

Yatra said that Sethi has been working with the company for more than a decade, while also serving as the CFO for Yatra previously. While much isn’t known about his professional history, the OTA disclosed that he was associated with Airfreight Ltd in his earlier stint.

The prior CFO Mittal departed from the organisation after about a three-year stint with the company. As per his LinkedIn profile, he helmed the company’s India IPO in September 2023 as well as facilitated a private funding round for Yatra in late-2022. Before his tenure at Yatra, he served as the CFO of logistics unicorn Rivigo 

“After careful consideration, I have made the decision to resign from the post of Group CFO at the company. This decision is a personal one as I wish to explore new opportunities,” his resignation letter dated March 10 read. 

The shake up in Yatra’s top deck comes in the run up to its disclosure for Q4 FY25. In Q3 FY25, it reported a consolidated profit after tax (PAT) of INR 10 Cr as against a PAT of INR 1.05 Cr in the year-ago quarter.

The healthy uptick in came as operating revenue zoomed 113% year-on-year (YoY) to INR 235.25 Cr. Sequentially, operating revenue fell by a marginal 0.4% from INR 236.40 Cr.

Its gross air bookings in the quarter stood at INR 1,382.8 Cr, down 14% from INR 1,609.6 Cr in the year-ago quarter. The company saw a 40% increase in corporate customer base during the quarter.

Founded in 2006 by Dhruv Shringi, Manish Amin and Sabina Chopra, Yatra offers information, pricing, availability, and booking facilities for domestic and international air travel, domestic and international hotel bookings, holiday packages, buses, trains, in-city activities, inter-city and point-to-point cabs, homestays and cruises.

Unlike its competitors EaseMyTrip, ixigo and MakeMyTrip, which focus on B2C customers, Yatra targets B2E and B2B2C customers.

Shares of Yatra ended today’s trading session 0.49% lower at INR 78.58 on the BSE.

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In the run up to its public listing, Urban Company’s board has approved raising up to INR 528 Cr (about $60 Mn) via a fresh issue in its IPO. The startup’s public issue will also comprise an undisclosed amount of offer-for-sale component.

According to the startup’s MCA filing, the board gave its nod for the IPO on March 7. The decision would be subject to the approval of the members of the company.

“The equity shares are proposed to be listed on the BSE, the NSE, and any other stock exchange as determined by the board at its absolute discretion and the company will be required to enter into listing agreements with each of the stock exchanges,” the filing read. 

The board meeting came a month after it was reported that the startup converted into a public entity. Back then, reports suggested that the startup was planning to file its draft papers for an INR 3,000 Cr IPO before the end of March. 

While much isn’t known about Urban Company’s IPO bid, it was said to have appointed Kotak Mahindra Capital, Goldman Sachs and Morgan Stanley as the investment bankers to helm the offering. 

Founded in 2014 by Abhiraj Singh Bhal, Raghav Chandra and Varun Khaitan, the startup offers at-home services like deep house cleaning, hairdressing and massage, appliance repair, among others. 

Recently, it also entered the quick commerce bandwagon with the launch of Insta Help to offer services in 15 minutes. Under it, the startup offers services such as utensil cleaning, brooming and mopping, cooking preparation, among others.

Urban Company has raised close to $700 Mn to date from investors like Tiger Global, Prosus, Kunal Bhal, Rohit Bansal, Steadview Capital, among others.

On the financial front, the startup claims to have seen a near 30% increase in its revenue to INR 827 Cr in FY24 and narrowed its loss before tax to INR 93 Cr. CEO Bhal claimed that Urban Company hit profit before tax in the first quarter of FY25. 

The Startup IPO Brigade

With the board approval, Urban Company has joined the long list of Indian startups which are looking to go public. It was reported earlier today that Wakefit has shortlisted bankers for its IPO, while Pine Labs completed its ‘ghar wapsi’ to further its listing plans. 

Besides, startup unicorns like Zepto, Infra.Market, Shiprocket, among others, are expected to file their draft red herring prospectus soon. 

Meanwhile, startups like BlueStone, Ather Energy, IndiQube have already received approvals for their IPO bids from markets regulator SEBI. 

The post Urban Company Gets Board Nod To Raise INR 528 Cr Via IPO appeared first on Inc42 Media.

About a week after receiving a fresh capital infusion of about $379 Mn from its Singapore parent, Walmart-owned Flipkart’s CEO Kalyan Krishnamurthy has given an indication of what’s in store for the company in the near future. Speaking at the 2025 Walmart Investment Community Meeting, Krishnamurthy said that the ecommerce major will look to fortify its quick commerce play over the course of 2025. 

“We launched our quick commerce brand Flipkart Minutes about 9 months back with just under 100 stores. As of now, we are close to operating about 300 stores under Minutes and are targeting to take this dark close to 800 by the end of the ongoing year,” the CEO informed.

Speaking about Flipkart’s business as a whole, he said that the company has a user base of over 500 Mn across 95% of the pincodes in India. He claimed that the company’s product catalogue size has now expanded to above 200 Mn. 

On the rationale behind deepening quick commerce play, Krishnamurthy emphasised that, in India, the affluent consumer segment in the top 30-40 cities of the country has developed a propensity to engage with ecommerce service providers with a focus on short delivery timelines, convenience of transaction, and a wide array of products to choose from. 

Everyone Wants A Piece Of Quick Commerce

Flipkart’s entry in the quick commerce segment came when Blinkit, Zepto and Swiggy Instamart had already established themselves firmly in the space.

The market leader in the segment, Eternal’s Blinkit, was operating a network of 1,007 dark stores at the end of the December quarter. While it added 216 new stores during the quarter, it had plans to open more dark stores in smaller cities, a segment which has not been penetrated as much. 

On similar lines, Zepto claimed to be operating a network of 700 dark stores at the end of 2024, while Instamart had a network of 705 stores at the end of the calendar year. All three players have been on a spree to add dark stores to their network for the last few months. 

As such, Flipkart faces an uphill task. Despite the fierce competition, brokerage firm JP Morgan noted that Zepto’s slower pace of dark store addition in January and February this year was suggestive of a potential easing in competition intensity in the country’s quick commerce market.

In a research note released in March, the brokerage firm said that both Blinkit and Instamart added over 150 dark stores over the January-February period, while Zepto saw its dark store additions moderating.

Further, it must be noted that all three quick commerce majors are facing significant cash burn as they look to expand their reach. 

While Blinkit posted an adjusted EBITDA loss of INR 103 Cr in Q3, Swiggy Instamart incurred a loss of INR 527.7 Cr in the quarter. While the latest numbers for Zepto are not available, the IPO-bound startup posted a net loss of INR 1,248.64 Cr in FY24.

Besides, Big Basket, Amazon and JioMart are also trying to gain a share in the quick commerce market, further intensifying the competition in the space.

Despite this, quick commerce is one of the fastest growing sectors in India. The market is projected to reach a size of $9.95 Bn by 2029, clocking a 16.60% CAGR. Quick commerce accounted for over two-thirds of all online grocery orders in 2024. 

The post Flipkart To Double Down On Quick Commerce In 2025 appeared first on Inc42 Media.

Marking its first disclosure post adopting the name Eternal on the bourses, Zomato’s parent Eternal announced that its step-down subsidiary in the Netherlands, Zomato Netherlands, has initiated its liquidation process.

In an exchange filing, the company said that Zomato Netherlands is not a material subsidiary of the company and its dissolution will not affect the revenue of the company. 

“Further, as disclosed in our red herring prospectus dated July 6, 2021 and prospectus dated July 19, 2021, Zomato Netherlands does not have any active business operation,” the filing read. 

Zomato Netherlands’ turnover was nil in FY24, while its net worth stood at INR 32 Lakh. The liquidation of the subsidiary is expected to be completed within one year. 

Zomato’s Liquidation Spree

The foodtech major has shut a number of its international subsidiaries over the past few years. Here’s a timeline of the foodtech major’s liquidation spree outside India:

• Aug 2021: Dissolution of US subsidiary, Zomato USA LLC
• Sept 2021: Shutdown Singapore and UK-based subsidiaries
• Nov 2021: Exited Lebanon
• Jan 2022: Deregistered Zomato South Africa Proprietary Ltd
• Oct 2022: Dissolved Qatar business
• Nov 2022: Discontinued food delivery services in the UAE
• Feb 2023: Exited Netherlands and Philippines
• Mar 2023: Initiated liquidation of Zomato Ireland and Jordan
• Jun 2023: Dissolved Zomato Australia Pty Ltd
• Jul 2023: Initiated liquidation process for Zomato subsidiaries in Indonesia and Portugal
• Sep 2023: Began liquidation process in Czech Republic and liquidated Chile subsidiary
• Jan 2024: Dissolution process initiated in Vietnam and Poland
• Jul 2024: Liquidated Slovakian subsidiary

Over the years, Zomato had scaled to over 20 countries as part of its global ambitions. It even made some significant acquisitions like acquisition of UrbanSpoon in 2015 to establish presence in North America. 

However, its bid to take food delivery international didn’t exactly work out and it decided to shut most of the international subsidiaries. 

In 2022, the company’s founder Deepinder Goyal, during an interview with CNBC TV-18, said that business explorations outside of India didn’t play out as expected. Goyal said that Zomato would continue to focus on its India business.

“International business does not fit into our roadmap anymore. Not at all,”  he said then. 

Eternal’s India Bets Pays Off 

Zomato’s decision to focus on India has worked wonders, with the company reporting its maiden profitable year in FY24. It posted a consolidated net profit of INR 351 Cr in FY24, and has registered three profitable quarters in FY25.

Besides its bread-and-butter food delivery, Zomato parent Eternal is a major player in the quick commerce market with Blinkit, has a strong presence in B2B grocery deliveries with Hyperpure, and is now focussing on growing its newest vertical District.

Further, the company broadened its horizons from B2C market to B2B with the launch of its AI-native, no-code customer support platform ‘Nugget’ earlier this year. Nugget provides AI agents ranging from conversational AI chatbots to co-pilots, which help in handling complex queries and streamlining support.

Shares of Eternal ended yesterday’s trading session 1.74% lower at INR 211.50 on the BSE. 

The post Eternal Initiates Liquidation Of Zomato Netherlands appeared first on Inc42 Media.

The Karnataka government has begun work on a new legislation to regulate online gaming platforms in the state. 

In a post on X, Karnataka IT minister Priyank Kharge said he held a detailed high-level meeting with industry stakeholders to discuss a legal framework for regulating the online gaming industry. The meeting was also attended by state home minister G Parameshwara, top government officials, members of online gaming federations and industry experts. 

“The intent of this legislation is to curb online gambling/betting and games of chance and protect consumers from fraud, while supporting innovation and sustainable growth of the skill-based gaming industry,” Kharge said. 

Speaking to the media after the meeting, Parameshwara reportedly said the state authorities will soon set up a panel, comprising officials and industry representatives, to submit a draft bill on the matter in a month.

As per news agency PTI, Parameshwara said that the government will formulate a legislation on the matter once the draft is finalised. He added that the proposed legislation will be modelled after the regulatory model of Chhattisgarh, which differentiates between gambling and skill-based gaming.

Meanwhile, Kharge, in the post on X, said that the “underground offshore” online gambling and betting market is growing rapidly and poses risks such as predatory money collection practices, dubious shell companies, financial fraud, data breaches and cyber crimes. 

Calling the “legitimate online skill-based gaming industry” a sunrise sector, Kharge added that the online gaming industry contributes INR 1,350 Cr in annual taxes to the state government. 

With this, Karnataka has become the latest state to kick off proceedings to oversee the online gaming sector. In February, the Tamil Nadu government notified the new online gaming rules, which effectively ban all minors from playing online real-money games.

Meanwhile, the Centre, too, has been working to bring the online gaming industry under its scope.Just a day ago, it was reported that the union government is finalising new rules which would bring online real-money gaming platforms under anti-money laundering laws. This would subject the companies to stricter obligations such as know-your-customer (KYC) requirements and tracking and reporting suspicious transactions. 

The post Karnataka To Formulate New Rules To Regulate Online Gaming appeared first on Inc42 Media.

Electronics manufacturer Dixon Technologies has signed a memorandum of understanding (MoU) with the Tamil Nadu government to set up a manufacturing facility near Chennai with a total investment of INR 1,000 Cr. 

In a statement, the state government said that the company’s upcoming unit in Kancheepuram’s Oragadam IndoSpace Industrial Park will manufacture laptops and personal computers (PCs). 

The proposed unit is expected to create employment opportunities for 5,000 people in the state. 

“Dixon’s leadership acknowledged what we’ve always believed: Tamil Nadu’s progressive policies, robust infrastructure, highly skilled workforce and above all ease of doing business at a fast pace make it the most attractive destination for manufacturing in India,” Tamil Nadu’s industries minister TRB Raja said in a post on X. 

Dixon is a listed company that manufactures a wide range of consumer electronics for companies like HP, Samsung, Bajaj, boAt, OnePlus, Xiaomi, among others. 

Besides manufacturing electronics for different companies, the Noida-based company has also been focussing on diversifying its product portfolio to create alternate streams of revenue. 

As part of this, Dixon announced a joint venture (JV) with Vivo India last year to manufacture smartphones for the Chinese tech major. In January this year, the company also said that it is in talks to establish a $3 Bn display fabrication facility in the country. 

The signing of the MoU with the Tamil Nadu government comes ahead of Dixon announcing its financial results for the fiscal year 2024-25 (FY25). In February, its MD Atul Lall reportedly said that the electronics manufacturer is on track to double its revenue for the fiscal year. 

“For the sector and Dixon, the growth path is going to be extremely aggressive in the coming future,” Lall told Reuters. In the previous fiscal year, the company reported a revenue of INR 17,691 Cr, a 45% increase compared to INR 12,192 Cr in FY23. 

Shares of Dixon ended Wednesday’s (April 9) trading session 2.17% higher at INR 13,276.15 on the BSE. 

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A day after Sanjeev Bikhchandani-led Info Edge shared a robust uptick across its business verticals in Q4 FY25, brokerage firm JM Financial slashed the Naukri.com’s parent company’s price target (PT) to INR 7,800 from INR 8,750 earlier.

However, the brokerage reiterated its ‘Buy’ rating. The new PT represents a near 17% upside compared to the company’s close of INR 6,639.65 on the BSE yesterday.

JM Financial sees Info Edge’s shares move in a range of INR 5,250 to INR 9,195 in the next 52 weeks. This is pretty much in line with Info Edge’s current 52-week high and low of INR 9,194.95 and INR 5,260, respectively. 

Explaining its rationale for the revision in PT, JM Financial highlighted the recent correction in the stock price of Info Edge’s investee companies Zomato and PB Fintech. 

Further, the brokerage gave a moderate billing growth forecast for Info Edge’s bread-and-better recruitment segment (Naukri) for FY26 and FY27 of 14.5% as against 18% earlier on account of growing uncertainty around IT hiring demand.

However, the correction in this segment is expected to be offset by improving trends in the company’s other business verticals – 99acres and Jeevansathi.

The company’s management earlier said that the real estate business and matrimonial segment are expected to hit breakeven over the next 12 months. 

Further, the brokerage noted that the tech company’s growth in the past few quarters was broad based across its IT and non-IT services.

“We note that Q4 is seasonally a very strong quarter for the recruitment business, leading us to believe that the trend improvement was led by a mix of strong renewal demand and unique client additions,” the note said. 

How The Tech Company Fared In Q4

In an update for its business for the March quarter, Info Edge reported a 19% year on year (YoY) uptick in its standalone billings to INR 983.8 Cr in Q4.

For the fiscal year FY25, Info Edge’s standalone billings grew about 16% YoY to INR 2,881.7 Cr. 

The company noted an improvement in billing trends across its business segments. While recruitment solutions’ standalone billings grew 18% YoY to INR 740.3 Cr in Q4, 99acres reported a 22% YoY uptick in its business to INR 159.8 Cr in the quarter. Other business segment, which included Jeevansaathi and Shiksha.com, also saw a 19% YoY uptick in business to INR 83.7 Cr. 

“The management has in the past indicated plans to achieve breakeven in 99acres and Jeevansathi over the next 12 months, giving us the comfort that we may see strong operating leverage in the near term. Both these factors lead to a marginal increase in our standalone FY25-27 EBITDA margin forecasts,” JM Financial added. 

Info Edge CFO Chintan Thakkar said in September that Jeevansathi and 99acres are expected to attain breakeven at the end of FY25. In an interview with CNBC TV-18, he said that while the company was looking to cut down on the cash burn for 99acres, it was looking to super charge growth for Jeevansathi. 

Last month, the company infused INR 30 Cr in dating app Aisle via Jeevansathi. 

Info Edge’s Journey On The Bourses In 2025

In line with the broader market volatility, Info Edge’s 2025 ride on the exchanges has been bumpy. The company’s shares have plunged about 27% year to date and ended today’s trading session at INR 6,409. 

While the company’s upbeat forecast for its upcoming financial disclosures led to a near 5% uptick in its share prices yesterday, the stock fell 3.52% today. 

Info Edge, which was one of the earliest tech companies to make its stock market debut in India in 2006, has been an active investor in the Indian startup ecosystem. While its portfolio companies Zomato and PB Fintech are already listed on the exchanges, another portfolio company NoPaperForms is suiting up for an IPO soon. 

Info Edge also counts tech startups like Agstack, Bizcrum, Terralytics, Sploot, among others, in its portfolio. 

The post JM Financial Cuts Info Edge’s Price Target On Zomato, PB Fintech Stock Correction appeared first on Inc42 Media.

EV maker Ather Energy is reportedly mulling cutting its IPO size by at least $50 Mn (about INR 430 Cr) from its earlier target of $400 Mn (about INR 3,460 Cr) amid the ongoing volatility in the Indian and the global stock markets.

Citing sources, Bloomberg reported that the company’s shareholders are considering offering a lower number of shares under the offer-for-sale component of the IPO.

The company’s proposed public issue, which received SEBI’s nod at the end of December last year, was to have a fresh issue of shares worth up to INR 3,100 Cr (about $358 Mn) and an offer for sale (OFS) of up to 2.2 Cr shares.

Institutional investors like Tiger Global, Caladium Investments, National Investment and Infrastructure Fund (NIIF), along with Ather’s cofounders Tarun Mehta and Swapnil Jain, were slated to offload shares as part of the IPO. 

Interestingly, Hero MotoCorp, Ather’s largest stakeholder with a 37.2% stake, has no plans to reduce its stake in the EV unicorn. 

High Speculations Over Ather IPO

The ongoing turmoil and negative investor sentiment in the global equities markets seems to have forced the shareholders of Ather to reconsider the quantum of their share sale. Ather didn’t respond to Inc42’s queries regarding the reduction in the OFS component till the time of publishing this story. 

Sources also told Bloomberg that Ather will look to file for its IPO in the upcoming weeks. Earlier, it was reported that the company planned to launch its public issue in the first half of April, with a potential valuation of around $1.6 Bn.

The market turmoil might also result in Ather seeking a lower valuation for the IPO, the report added without giving exact figures. A separate CNBC report, citing sources, said that the IPO will value Ather at $1.4 Bn.

It is pertinent to mention that Ather entered the unicorn club after its last private funding round, when it raised $71 Mn from NIIF at a post-money valuation of $1.3 Bn in September. 

The speculations over the company’s IPO valuation have ranged from $1.4 Bn to $2.5 Bn since it filed its IPO papers.

Negative Investor Sentiment Affects IPO Plans

The Indian equity market has been volatile owing to negative investor sentiment over the last few months. As if concerns over high valuations were not enough, the US’ decision to impose tariffs on almost all the countries across the globe have spooked investors and ignited fears of a global trade war.

As a result, the Indian benchmark indices have slumped nearly 6% year to date. This downturn coincided with Ather getting SEBI’s nod for its public issue.

The market turmoil has also led to an over 40% decline in the share prices of Ather’s listed archrival Ola Electric.

The post Ather Energy Likely To Reduce IPO Size Amid Market Uncertainty appeared first on Inc42 Media.

India is seemingly poised to gain big from the ongoing US-China trade war. Big tech major Apple is reportedly firming up plans to double down on its Indian manufacturing capabilities amid the ongoing geopolitical skirmishes between Washington DC and Beijing. 

Sources told Wall Street Journal that the company is planning to export more iPhones from India to the US to “offset” the North American country’s higher tariffs on China. As per the report, turning the focus towards India will be Apple’s short-term fix for the situation as it attempts to win exemptions from the US government for imports from China. 

Sources reportedly added that the company sees the “current situation” as too uncertain to upend long-term investments in its supply chain, which is centred around China. 

It is pertinent to note that the Trump administration has increased the tariffs on Chinese goods to at least 54% while Indian products attract a levy of 26%. 

Meanwhile, it seems like Apple’s stopgap solution for its supply chain woes is already in motion as the big tech major has reportedly transported at least five planes full of iPhones and other products from India to the US in just three days before the tariff announcements were made on April 2. 

As per a report by Times of India, the process was rushed to avoid the reciprocal tariff imposed by Trump on India. 

The company moved the inventory of its manufacturing centres in India and China to the US ahead of the trade war. “Factories in India and China and other key locations had been shipping products to the US in anticipation of the higher tariffs,” a source told the Indian publication. 

Despite the company’s planned measures to offset the damage from the trade war, its investors as well as customers in the US are panicking over its future. As per reports, the looming threat of an increase in prices of iPhones in the US has pushed customers in droves to Apple retail stores over the past few days.

Meanwhile, the trade war has hit the big tech major’s fortunes on the stock exchanges, triggering a three-day long selling spree. The company’s shares are trading at $184.27 apiece on Nasdaq, slightly higher than its 52-week low of $164.08.

Amid the crisis, Apple’s India play might be its trump card to pull the company forward. Even though the big tech relies heavily on China for manufacturing, with estimates suggesting that around 90% of iPhones being assembled there, it has been beefing up its India manufacturing steadily over the past few years.

In line with its pivot away from China, the company is said to be looking to assemble 32% of iPhones by volume and 26% by value in India by 2026-27. 

The tech major is also relying on vendors like Foxconn, Wipro Enterprises, Bharat Forge, among others, to shoulder its supplier network and produce components of its products in India. 

A day ago, it was also reported that Apple managed to double its iPhone exports from India to INR 20,000 Cr in March from INR 11,000 Cr a year ago.

The post Apple To Double Down On India Amid US-China Tariff War appeared first on Inc42 Media.

About a year after it announced plans to set up a new subsidiary to foray into the semiconductor space, engineering services provider Cyient announced the official launch of Cyient Semiconductors today. 

In an interview with CNBC-TV18, the Hyderabad-based tech company’s MD and executive director Krishna Bodanapu said that the company’s board has approved an investment of $100 Mn (a little over INR 860 Cr) in the subsidiary. Besides, the company has also received the board’s nod to seek external investments required during the course of business. 

The new subsidiary will focus on scaling application-specific integrated (ASIC) turnkey solutions for Cyient’s customers. 

As per the company’s filing with the BSE, Cyient Semiconductors is engaged in the business of providing high-performance, power-efficient silicon solutions across analog, mixed-signal, RF, and digital domains. Besides, the entity also supports the full chip lifecycle—from architecture to production—through both turnkey and design service models

The company said that it has appointed Suman Narayan as the CEO of Cyient Semiconductors.

“With the growing demand for high-performance semiconductor solutions, Cyient Semiconductors will play a crucial role in providing end-to-end ASIC turnkey and IC design services, supporting India’s journey toward self reliance in the semiconductor ecosystem,” Bodanapu said. 

Cyient Semiconductors leverages its parent experience of over 25 years in delivering ASIC turnkey solutions and semiconductor design services across industrial, data centre, automotive, and medical industries. 

MD Bodanapu, who is also the son of the company’s founder and ex-Nasscom chairman BVR Mohan Reddy, said that the subsidiary is already contributing 5% or $35 Mn to $40 Mn in revenue to the company’s top line. The semiconductor entity’s teams are set up across India, the US, Germany, Belgium, the Netherlands, and Taiwan.

Earlier on March 31, 2025, the tech company transferred its US-based semiconductor business, a German semiconductor subsidiary, and its semiconductor business in Belgium to Cyient Semiconductors for INR 24 Cr, INR 31.7 Cr and INR 197.1 Cr, respectively. 

Since its establishment in 1991, Cyient has been offering engineering servicing like mechanical engineering, embedded software & electronics, electrical engineering, plant engineering, manufacturing engineering, and network engineering to its clients. Headquartered in Hyderabad, the company has over 300 global customers across 22 countries. 

Shares of the tech company ended today’s trading session 2.8% higher than previous close at INR 1,153.80 on the BSE.

The post Cyient To Invest $100 Mn In Semiconductor Subsidiary appeared first on Inc42 Media.

Markets regulator SEBI has approved the IPOs of jewellery startup BlueStone and NBFC Aye Finance. While the regulator issued an observation letter to BlueStone on April 1, it issued the letter to Aye Finance on April 3.

In SEBI’s parlance, the issuance of an “observation letter” signifies that the regulator has reviewed a company’s draft red herring prospectus (DRHP) and doesn’t have any immediate concerns, essentially giving the company the go ahead to proceed with the public offering. 

The markets regulator is still reviewing the IPO papers of new-age tech companies PhysicsWallah and DevX.

Besides, other startups that have received the regulator’s approval for their respective IPOs in recent times include Smartworks, IndiQube, and EV maker Ather Energy. All three of the aforementioned entities are yet to file their respective RHPs. 

Meanwhile, SEBI put the IPO bid of WeWork India in “abeyance” earlier last month. In SEBI’s parlance, “kept in abeyance” means that the regulator’s observations on draft papers are temporarily put on hold. 

BlueStone’s IPO Bid

The omnichannel jewellery brand filed its IPO papers in December last year for an IPO comprising fresh issue of shares up to INR 1,000 Cr. Besides, the company’s public offering will also feature an offer-for-sale component of up to 2.4 Cr equity shares.

The existing investors who will offload their shares in BlueStone include Accel, Kalaari Capital, IvyCap Ventures, Iron Capital, Saama Capital and Sunil Kant Munjal.  

From the fresh issue, BlueStone plans to utilise a large chunk, INR 750 Cr to be exact, to meet its working capital requirements. It plans to invest the remaining IPO proceeds to set up new stores, repay loans, undertake strategic initiatives, form partnership and joint ventures, among others.

Founded by Gaurav Singh Kushwaha in 2011, BlueStone offers over 7,700+ certified jewelry designs made from metals like gold, platinum, diamonds and gemstones through 250 stores across 100 cities in India and its website. 

It has raised $219.31 Mn funding since its inception. 

In the run up to the IPO, BlueStone managed to cut its loss by 15% year-on-year (YoY) to INR 142.2 Cr in FY24. Meanwhile, its operating revenue for the fiscal jumped 64% YoY to INR 1,265.8 Cr.

Aye Finance’s Public Issue

The NBFC filed the DRHP for an INR 1,450 Cr IPO, consisting of a  fresh issue of equity shares worth INR 885 Cr and an offer-for-sale (OFS) of up to INR 565 Cr, on December 17. 

The IPO will see investors like LGT Capital, CapitalG, A91 Fund, MAJ Invest, Alpha Wave, among others, offload their shares.

As an NBFC engaged in disbursing loans to micro-scale MSMEs, Aye Finance plans to utilise the fresh proceeds to meet the future capital requirements that will arise out of business expansion. 

As of September 2024, Aye Finance’s AUM (assets under management) stood at INR 4,979.76 Cr and had 5,08,224 active unique customers. In the first six months of FY25, the NBFC’s net profit jumped 37% YoY to INR 107.80 Cr. For H1 FY25, its revenue from operations stood at INR 692.24 Cr, up 47% from INR 472.01 Cr in H1 FY24. 

Will Tariff Turmoil Play Spoilsport? 

It is pertinent to mention that since December, when the companies filed their DRHP, the Indian market has seen an extended period of volatility. 

The negative market sentiment, due to concerns over high valuations of Indian equities market, US’ tariffs on all countries across the globe, and fears of a global trade war, has resulted in the Indian benchmark indices decline about 10% since December. 

Amid all these, it remains to be seen when the companies decide to launch their public issues. Ather Energy, which received SEBI’s nod for its public issue on December 30, 2024, is yet to file its RHP.

The post BlueStone, Aye Finance Get SEBI Nod For Their IPOs appeared first on Inc42 Media.

While much has been said and written about the issues with Ola Electric’s February numbers in recent times, the company took to the bourses today to clarify on the statement labelling recent media reports as “misinformation”. 

A day after a Bloomberg report said that Ola Electric included “bookings” of electric scooters and motorcycles in the month of February without delivering them, the EV maker said that the February 2025 sales announcements were based on paid and confirmed orders, not “preliminary bookings”. 

Further, it said that 90% of the orders were paid in full at the time of placement during the month of February. The company added that these orders included its new two-wheelers Gen 3 and Roadster X, which went live for purchase during the month of February. 

“It is essential to underscore that vehicle deliveries are sequenced to follow confirmed orders with full payment—a standard and universally accepted industry practice. Any attempt to conflate bookings with full payment orders, or to suggest that deliveries must precede or immediately follow orders, misrepresents how the automotive industry functions,” Ola Electric’s April 8 regulatory filing read.

The Roadster Delivery Conundrum

From our preliminary investigation into the matter, sales executives across Ola Electric’s “experience centres” in Delhi informed us that the deliveries of the Ola Electric’s first e-motorcycles might take at least two more months. 

As per a March report by NDTV Profit, the company was facing troubles in taking Roadster on road as it was facing similar issues as Ola Electric’s Gen 1 scooters were facing. People in the know told the publication that the bikes were facing issues with its thermal management, battery pack, battery management system as well as the motor. 

At the time of the official unveiling of the motorcycles back in August 2024, the company said that the deliveries would commence in Q4 FY25. Besides, the company had said that the bookings were open back then. As per its filings today, Ola Electric refrained from commenting on whether the deliveries of the bikes began in the stipulated timeline. 

To be sure, the Bhavish Aggarwal-led startup unveiled three motorcycles under its portfolio back in August, namely, Roadster X, Roadster, and Roadster Pro. 

The entry-level bike Roadster X comes in three battery variants of 2.5 kWh, 3.5 kWh, and 4.5 kWh and are priced in the range of INR 74,999-INR 99,999. While Roadster X’s deliveries were scheduled to begin in the previous quarter, the company had announced plans to start deliveries of its top end bike, Roadster Pro, only by Q4 FY26.

Ola Electric’s February Blues

While the company cleared the air on some of the allegations in regards to the February data, it didn’t address whether it was being scrutinised by the Ministry of Road Transport and Highways. 

As per the report by Bloomberg, the ministry wrote to the EV maker on March 21, seeking clarification on the monthly sales numbers. 

The report adds that of Ola Electric’s claimed sales of over 25,000 in the month of February, about 50% were accounted for by its Gen3 escooters and Roadster X motorcycles.

The ministry had also reportedly threatened the company to revise its numbers to display a more accurate picture or brace for “adverse action”. 

Besides the transport ministry, Ola Electric is also said to be under the lens of the Ministry of Heavy Industries. The MHI is also scanning discrepancies between Ola Electric’s sales figures and actual vehicle registrations. 

As per VAHAN data for the month, only 8,390 Ola Electric vehicles were registered on the portal in February, far less than the claimed 25,000. This marked a near 65% dip in sales from the month of January, when the EV maker had sold 24,376 escooters. 

Justifying the dip, the company said that the disruptions in the numbers came at the behest of an ongoing restructuring move which saw it renegotiate terms of agreements with its agencies Rosmerta Digital Services Pvt Ltd and Shimnit India Pvt Ltd.

The renegotiations, however, didn’t seem to pan out in favour of the company as Rosmerta filed for bankruptcy proceedings against Ola Electric’s subsidiary for allegedly defaulting on its payment obligations. On March 25, the company settled its pending dues with the vehicle registration service provider Rosmerta, leading to the withdrawal of insolvency petitions previously filed against it.

Pertinent to mention that the ongoing troubles for the company have triggered a freefall for its share prices in recent times. Ola Electric dipped to an all-time low of INR 45.55 during intraday trading yesterday (April 7), before recovering a bit to close at INR 50.83. 

Shares of Ola Electric were trading at INR 51.10, up 0.53% from previous close, as of 2:44 PM today. 

The post February Sales Data Included Paid Orders, Not Preliminary Bookings: Ola Electric appeared first on Inc42 Media.

Indian stock markets, like most other equity markets across the globe, plunged today over fears of a global trade war after the US announced tariffs on all countries across the world. In line with this, 10 of the 32 new-age tech stocks under Inc42’s coverage touched fresh lows. 

Shares of FirstCry, TBO Tek, ideaForge, Swiggy, Honasa Consumer, Ola Electric, EaseMyTrip, Tracxn, ixigo and Go Digit touched all-time lows or 52-week lows during the intraday trading today. 

Ola Electric plunged to an all-time low of INR 45.55, about 40% lower than its listing price of INR 75.99. Adding to the EV maker’s regulatory woes, it was reported that the company told the road transport and highways ministry that its February sales figures included customer bookings for 10,866 Gen3 escooters and 1,395 Roadster X motorcycles. While deliveries for the former began in March, those for the latter are yet to commence.

Honasa Consumer also touched a new 52-week low of INR 190 during intraday trading today. The company informed the bourses on Saturday that its CMO Anuja Mishra resigned for unspecified reasons. 

Meanwhile, shares of SME listed companies TAC Infosec and Veefin solutions touched lower circuits today.

Barring Delhivery and Menhood, all new-age tech stocks faced selling pressure during the first trading session of the week. The biggest loser today was CarTrade, with its shares falling 12.24% to end the day at INR 1,464.50. 

Delhivery saw its shares zoom over 5% during the intraday trading today and end 4.53% higher at INR 269.95. This came after the company announced the acquisition of its rival IPO-bound Ecom Express on Saturday in what appears to be a distress sale. The deal values Ecom Express at INR 1,407 Cr, about a fifth of its last private valuation of INR 7,000 Cr. 

The cumulative market cap of the 32 new-age tech stocks fell to $71.92 Bn today from $74.75 Bn at the end of last week. 

Trump’s Tariff War Takes A Toll 

After US President Donald Trump slapped tariffs on imports from almost all countries of the world, China announced counter tariffs on the North American nation. This has led to fears of an imminent global trade war. 

As a result, Sensex plunged 2.95% to end the day at 73,137.90 today. Meanwhile, Nifty 50 fell 3.24% to 22,161.60. Japan’s Nikkei 225 and China’s Shanghai composite index ended with losses of over 7% each today.

Siddhartha Khemka, head of research and wealth management at Motilal Oswal Financial Services, said that Nifty 50 saw its worst opening since March 2020 (Covid-19 pandemic) today. 

“The market tumbled as the carnage over high US tariffs and the retaliation by other countries may kickstart a trade war. Though the overall impact on India may be limited when compared with other countries, investors are advised to play cautiously during this fray. Focus will be on pure-play domestic themes, where the rebound is likely to be fair when the dust settles,” Vinod Nair, head of research at Geojit Investments, said. 

Moving forward, analysts expect the markets to remain volatile amid the trade tensions and further developments on the tariff front. 

Indian investors will also keep an eye on the meeting of the RBI’s Monetary Policy Committee (MPC), which is expected to announce a 25 basis points rate cut on Wednesday (April 9).

Given the new trade barriers from the US, the meeting would be crucial as it comes amid rising global uncertainty due to escalating tariff tensions, said Narinder Wadhwa, MD  and CEO of SKI capital.

He added that a rate cut by the RBI would provide short-term support to Indian equities, particularly in rate-sensitive sectors such as banking, NBFCs, real estate, and auto. “Lower interest rates would reduce borrowing costs and potentially stimulate consumption and investment, offering a cushion against global headwinds,” he said.

The post Manic Monday: 10 New-Age Tech Stocks Touch New Lows On Tariff Turmoil appeared first on Inc42 Media.

With US president Donald Trump announcing tariffs on imports from almost all countries, the global equities market saw trillions of dollars of wealth being wiped out this week. In line with this, the Indian stock markets crashed over 2.5%.

However, it wasn’t an outright gloomy week for new-age tech stocks under Inc42’s coverage. In the first week of April, 16 out of the 32-new age tech stocks gained in a range of 0.21% to a little over 18%. 

Besides, the overall market cap of the new-age tech companies stood at stood at $74.75 Bn at the end of the week, slightly up from last week’s $74.07 Bn.

Veefin Solutions, the biggest loser last week, emerged as the top gainer this week. The stock rose 18.07% to INR 317.25. The company’s shares tanked to a fresh 52-week low of INR 256.10 during the intraday trading on Tuesday (April 1).

The bull run for Veefin came after it announced that it has onboarded public sector banks Bank of Baroda, Central Bank of India, Indian Overseas Bank, and UCO Bank as customers for its supply chain finance platform PSBXchange by PSB Alliance. 

Other gainers this week included, Zomato, Unicommerce, Yudiz, EaseMyTrip, Swiggy, among others.

Among the list of gainers, fintech major Paytm saw its shares zoom 4.19% to end the week at INR 816.35. With this, the company’s market cap crossed the $6 Bn mark and ended the week at $6.01 Bn. 

The Vijay Shekhar Sharma-led company saw multiple business developments. After informing the bourses last week that it had sold its entire stake in Jugnoo parent Socomo Technologies for INR 3 Cr, this week saw Paytm partner with Greater Hyderabad Municipal Corporation to deploy more than 400 Paytm innovative All-In-One EDC Devices (card machines) for tax collection.

On Friday (April 4), the company unveiled a new soundbox, Paytm MahaKumbh Soundbox, with added features like real-time payment updates on a display screen and a clear overview of daily transactions. 

Meanwhile, shares of MobiKwik ended the week 6.89% lower at INR 283.85. The stock closed the week 36% lower from its listing price of INR 442.25. 

MobiKwik was among the 16 new-age tech stocks which fell in a range of 0.07% to under 8% this week. TBO Tek was the biggest loser this week, with its shares sliding 7.42% to end at INR 1,115.75. The company’s shares touched an all-time low of INR 1,105.05 during intraday trading on Friday. 

Other losers this week included Zaggle, PB Fintech, BlackBuck, Nykaa, Ola Electric, among others. 

US Tariffs Lead To Bloodbath

US president Trump announced tariffs against over 180 countries on April 2. Apart from country-specific tariffs, he also announced the imposition of a 10% baseline tariff.

In the case of India, Trump announced a 26% tariff. While the tariff on India is lower in comparison to other Asian countries like China, Vietnam, and Bangladesh, it is still higher than what the market expected. 

With China announcing retaliatory tariffs against the US, stock markets slumped globally on fears of a trade war.

Consequently, Sensex ended the week 2.6% lower at 75,364.69 and Nifty 50 declined 2.6% to end at 22,904.45.

“Technically, the Nifty has broken below all major price and moving average supports, indicating potential for further downside. The immediate support lies at 22,600, while a decisive breach could open the door towards 22,100. On the upside, any recovery is likely to face stiff resistance in the 23,100-23,400 zone,” said Ajit Mishra, SVP of research at Religare Broking. 

The markets will keep a keen eye on the retaliatory measures of other countries against the US in the coming weeks.

“Domestically, while the direct impact of these tariffs is relatively moderate compared to other major economies, it remains more substantial than initially projected. As Q4 earnings season approaches, a sequential improvement in corporate performance is anticipated. However, prevailing weak market sentiment suggests that the phase of consolidation may persist in the near term,” said Vinod Nair, head of research at Geojit Investments.

Besides, the Indian markets will keep an eye on the RBI’s Monetary Policy Committee (MPC) meeting, and IIP and CPI data in the next week.

Now, let’s take a detailed look at the performance of some of the new-age tech stocks this week:

Good Week For Zomato

Shares of Zomato gained 4.54% to end the week at INR 210.65. Its market cap also gained $1 Bn from last Friday to end the week at $23.73 Bn.

Here’s what happened at Zomato this week: 

• Brokerage firm Goldman Sachs reiterated its “Buy” rating on the foodtech major and assigned a price target (PT) of INR 310. The brokerage said that investors are effectively assigning negligible value to Zomato’s food delivery business and assuming that Blinkit’s EBITDA margins have structurally halved.
• The NCLT dismissed an insolvency plea filed against the foodtech major by B2B manufacturer Nona Lifestyle over alleged unpaid dues of INR 1.64 Cr on Thursday.
•  It was reported that Zomato laid off nearly 600 employees from its customer support team. The employees were laid off due to performance issues, tardiness, and an overall restructuring effort. 
• The foodtech major allotted 2.17 Lakh equity shares to eligible employees under its existing employee stock option plans (ESOPs).

Ola Electric Shares See A Decline 

Despite multiple new announcements, investor interest in EV major Ola Electric remained subdued this week. The stock ended the week at INR 52.44, down 1% from last week. 

Ola Electric’s shares have been on a downward trajectory since the start of 2025 and have declined over 39% year to date.

In an investor presentation this week, Ola Electric claimed that it managed to trim its service turnaround time from 2.5 days in September 2024 to 1.1 days in the months of January and February. 

Besides, it also claimed to have grown its auto gross margin from 21% at the end of Q3 FY25 to 24% by the end of Q4. 

A day prior to that, Ola Electric’s board approved an infusion of INR 199 Cr in its battery manufacturing subsidiary Ola Cell Technologies (OCT). 

Meanwhile, the company is piloting Hyper Delivery, a same-day registration and delivery service. Starting with Bengaluru, it plans a pan-India rollout in a phased manner this quarter. 

However, it also continues to face regulatory hurdles. As per a report by NDTV Profit, the Maharashtra government has served a notice to Ola Electric to explain why some of its stores in the state are operating without trade certificates. 

“It has been found that your company is operating unauthorised showrooms and stores cum service centres and illegally selling vehicles,” the report quoted the government notice as saying. 

The post Mixed Week For New-Age Tech Stocks Amid Trump’s Tariff War, Paytm & Zomato Among Gainers appeared first on Inc42 Media.

Listed logistics service provider Delhivery said it is acquiring a controlling stake in rival startup Ecom Express.

The logistics unicorn will pick up a 99.4% stake in Ecom Express for INR 1,407 Cr ($164.5 Mn) in a fire sale. Ecom Express, as per reports, was last valued at about INR 7,000 Cr during its funding round in June 2024.

The acquisition announcement came out of the blue as Ecom Express was eyeing a public listing. The logistics startup filed its DRHP for INR 2,600 Cr IPO in August last year and received SEBI’s approval for the public issue in December 2024.

The deal is subject to approval of the Competition Commission of India (CCI).

Following the acquisition, which is expected to complete within six months, Ecom Express will become a subsidiary of Delhivery. 

Delhivery said that the acquisition will help it boost operations and also allow it to invest more effectively in improving service quality through network expansion and network quality improvements (such as automation and electric vehicles). 

“We believe this acquisition will enable us to service customers of both companies better, through continued bold investments in infrastructure, technology, network and people. The founders and management of Ecom Express have established a high-quality network and team, creating a strong foundation to integrate into Delhivery’s operations,” Delhivery CEO Sahil Barua said.

From IPO Dreams To Acquisition

As per Ecom Express’ DRHP, its public issue was to comprise a fresh issue of up to INR 1,284.5 Cr and an offer for sale component of INR 1,315.5 Cr. Investors like Eaglebay Investment, PG Esmeralda Pte, British International Investment plc, Kotla Satyanarayana, Manju Dhawan, among others, were to sell their shares with the IPO. 

Post getting the SEBI approval, the logistics player didn’t file its RHP. As of now, it seems unlikely that the startup will go for a public listing.

As per the DRHP, Ecom Express’ operating revenue rose 2.15% year-on-year to INR 2,609 Cr in FY24 from INR 2,553.9 Cr in the previous fiscal year. Meanwhile, it managed to reduce its net loss by 67% to INR 255.8 Cr in the fiscal from INR 428.1 Cr in FY23.

The startup earned 51.15% of its total revenue from its top customer group in FY24, as per the draft papers. While it didn’t name the client, Ecom Express’ top ten customer groups include Meesho, Amazon, Shiprocket, Roposo, Nykaa, among others. 

Many reports suggest that Meesho was the top customer for Ecom Express. In February 2024, the ecommerce major launched its own logistics arm, Valmo. As per Meesho’s annual report for FY24, more than half its orders were being fulfilled by Valmo. 

It is also pertinent to mention that Ecom Express’ draft IPO papers drew flak from its rival and soon to be parent company, Delhivery. The listed company alleged in September last year that its rival had used incorrect information about the former multiple times in its DRHP. 

Delhivery made these allegations in an investor presentation under a section titled, ‘Benchmarking in Peer DRHP’. Delhivery said that Ecom Express’ shipment count of 514.41 Mn was actually 450 Mn when adjusted for return to origin (RTO) shipments in FY24. The listed logistics major said while it counts forward leg (movement of goods from the manufacturer to the customer) and undelivered or RTO leg as one shipment, Ecom Express counts it as two shipments.

Set up in 2012 by TA Krishnan (passed away in 2023), Manju Dhawan, K Satyanarayana and Sanjeev Saxena, Ecom Express is a pure-play B2C ecommerce logistics provider, with a strong focus on the tier II market. 

Founder Satyanarayana said that Delhivery will be the ideal shareholder for Ecom Express’ next phase of growth. 

“With this acquisition and its inherent synergies, businesses across India as well as the logistics industry itself will benefit immensely through the combination of two like-minded players,” he added. 

Delhivery Looks To Expand Market Share

The acquisition comes at a time when Delhivery has been eyeing expanding into new segments to expand its market share.  

At the end of Q3, Barua detailed the company’s plans to scale its quick commerce delivery segment. Back then, he said that Delhivery’s rapid commerce business which offers two-hour deliveries was live in Bengaluru, Hyderabad, and Chennai with  two core customers, with an additional 15 expected to be onboarded within the current quarter. The company was eyeing to generate INR 80 Cr to INR 100 Cr revenue in FY25 from this vertical.

“The initial performance of dark stores has been promising, with some locations already handling close to 500 orders per day within just 45 days of launch,” said Barua.

In the case of Ecom Express, a key USP lies in its emphasis on warehousing solutions and dark stores targeting the burgeoning quick-commerce space.

Besides, Delhivery is also targeting another logistics segment — drones. Since getting MCA nod to establish its drone subsidiary in July 2024, there haven’t been any explicit disclosures from the company in this direction. 

However, Ecom Express entered the drone delivery segment as early as June 2024, piloting the service in the Delhi NCR-region.

On the financial front, Delhivery’s revenue jumped 8% year-on-year (YoY) to INR 2,378.3 Cr in Q3 FY25. Net profit stood at INR 24.98 Cr as against INR 11.70 Cr in the corresponding quarter of previous year.

The post Delhivery To Buy Ecom Express For $165 Mn appeared first on Inc42 Media.

Funding momentum seems to have stabilised at the onset of the fiscal year FY26 sans large ticket-sized transactions. Although small deals pulled up around 32% of the investment activity in the final week of March, overall funding across the Indian startup ecosystem still hovered around the $144 Mn mark in the beginning of April.

Between March 31 and April 5, startups cumulatively raised $144.4 Mn across 22 deals, a meager 0.5% increase from the $143.7 Mn raised by 16 startups in the preceding week. 

Funding Galore: Indian Startup Funding Of The Week [ Mar 31 – Apr 5 ]

Key Startup Funding Highlights Of The Week

• As has been the story for the past few weeks, fintech continued to be the ‘flavour of the season’ for investors. At least five fintech startups raised $65 Mn during the week, about two-third of the $98.1 Mn raised across five deals last week.
• While healthtech saw a similar number of deals materialise this week as fintech, the sector saw a capital infusion of a mere $4.2 Mn. This comes on the back of Indian Angel Network cofounder Padmaja Ruparel saying that the Indian healthtech sector is witnessing an overall slowdown sans funding and consolidations. He was addressing a session at the Startup Mahakumbh.
• Investors Peak XV Partners, Y Combinator and Antler were the most active investors this week, backing two startups each.
• Seven startups at the seed stage raised about $11 Mn this week, down about 41% from the $18.6 Mn raised by four startups last week.

IPO-Related Developments This Week

• Lendingtech startup Kissht is said to be looking to file for a $225 Mn IPO. According to reports, the startup has ICICI Securities, UBS Securities, and Motilal Oswal as the investment bankers for the proposed public issue.
• During the Startup Mahakumbh, Navi Fintech’s founder Sachin Bansal announced that the startup would look to go for an IPO within the ongoing fiscal year.
• Coworking space provider DevX refiled its IPO papers this week, raising the fresh issue size to 2.75 Cr equity shares from 2.47 Cr shares earlier. Meanwhile, its competitor, IndiQube received SEBI’s approval for its $100 Mn (INR 850 Cr) IPO this week.
• Logistics tech Shadowfax has taken its first step towards public listing, omitting the ‘private’ from its erstwhile name ‘ShadowFax Private Technologies Limited’.

Other Developments Of The Week

• Sustainability-focussed VC firm ZeCa Capital received approval from the markets regulator SEBI to launch its maiden fund with a corpus of INR 150 Cr this week.
• Walmart-owned Flipkart infused $379 Mn in its marketplace arm Flipkart Internet through its Singapore-based holding company.
• Recently launched talent mobility startup BorderPlus acquired German healthcare recruitment firm Onea Care to expand its operations in Germany.
• Car marketplace unicorn Spinny reportedly raised $131 Mn in a round led by US-based Accel Leaders Fund at a flat valuation. However, the startup didn’t announce the funding round this week.
• SpaceBasic, a B2B SaaS company that automates student housing and cafeteria operations, acquired attendance automating platform CAMPUS during the week to expand its university automation operations.

The post From Scapia To Pratilipi — Indian Startups Raised $144 Mn This Week appeared first on Inc42 Media.

Update | April 4, 9:10 PM

About two weeks after it was reported that the Indian fintech ecosystem might soon see another self regulatory body (SRO) bidding for RBI approval, industry leaders inaugurated the India Fintech Foundation (IFF) or SRO-Fintech Development Foundation (SROFT-DF) at the Startup Mahakumbh. 

While former deputy RBI governor NS Viswanathan will serve as the chairman of its board, ex-Invest India head of FDI Sai Sudha Chandrasekaran will serve as its CEO. The launch of the organisation saw the presence of G20 Sherpa Amitabh Kant, DPIIT joint secretary Sanjeev Singh, among others.

Besides, IFF’s board of members includes Jupiter’s Jitendra Gupta, Fi Money cofounder Sujith Narayana, LendingKart’s Harshvardhan Lunia, OneCard cofounder Anurag Sinha, among over 100 notable names from the ecosystem. 

In a statement, Chandrasekaran said that the IFF will work on the following goals:

• To reduce the burden on the state and industry players by establishing standardisation
• To build a robust ecosystem across the entire fintech value chain
• To foster innovation across all fintech sub-sectors
•  To safeguard consumer protection and ensure fair play
• To create a credible, transparent, and collaborative industry voice

Original | March 25, 8:14 PM

The members of industry body Fintech Convergence Council (FCC) are reportedly planning to set up a new entity to get the RBI’s licence for self-regulatory organisation (SRO) for the fintech sector. 

A report by Financial Express said that the new body will include Jupiter founder Jitendra Gupta, Fi Money’s Sujith Narayanan, Signzy’s Ankit Ratan, Onecard’s Anurag Sinha, among others. 

The FCC was formed under the Internet and Mobile Association of India (IAMAI). It currently represents 175 fintech companies, including Dhan, Angel One, Groww, InsuranceDekho, Jar, among others, across sectors.  

The FCC declined to comment on the formation of the consortium to get SRO licence from the RBI, while Gupta didn’t respond to Inc42’s queries on the development.

This comes after the RBI, in July last year, notified the guidelines for recognising SROs for the fintech sector. The SROs will act as a bridge between the industry and the central bank, setting industry standards, ensuring compliance and promoting ethical practices.

To get the licence, a fintech SRO is required to have a minimum net worth of INR 2 Cr within a year of receiving the tag from the RBI, have an Indian domicile, among other requirements. 

Bid To Become Second Fintech SRO: If the new body manages to get the RBI’s nod, it will become the second such independent regulatory body in India. 

Last August, the RBI gave the first SRO licence to Fintech Association for Consumer Empowerment (FACE) after evaluating three such applications. 

The organisation counts the likes of Fibe, CRED, Groww, InCred, Paisabazaar, among 70 of its members. It claims that its members account for 80% of digital lending business volumes.

Since inception, FACE has been working on helping users dodge scams in the lending industry, informing the general public about loan disbursements over a particular time and communicating with the RBI over issues faced by the fintech industry. 

The other two applications that the RBI had evaluated were of the FCC and the Digital Lenders Association of India (DLAI), according to reports. 

In the case of FCC, the SRO guidelines by the RBI require setting up of a separate entity under the FCC as the latter is just a committee with the IAMAI, a source told FE today. 

What Can SROs Do?: In essence, they are aimed at striking a balance between growth and mitigation of risks.

These bodies can enable companies to themselves frame guidelines that are more suitable to the requirements of  the consumers. 

“Achieving a healthy balance between facilitating innovation by the industry on the one hand, and meeting regulatory priorities in a manner that protects consumers and contains risk, on the other, is crucial to optimising the contribution of the fintech sector,” the RBI said while defining the role of SROs earlier.

What’s The Need For Multiple SROs?: A number of entities are currently looking to get the RBI’s licence for the SRO. Last July, it was reported that some Indian banks were planning to set up a SRO. 

The context of multiple SROs lies within the size of the fintech industry in India.

The country’s fintech market surpassed the $793 Bn mark in 2024 and is projected to reach a size of $2.1 Tn by 2030. 

The industry houses multiple sub-sectors, including digital payments, neobanking, insurance, investment tech, lending, et al. Needless to say, that a common policy benchmark might not work for the entire industry.

“Due to the diverse nature of fintechs, it is likely that there might be more than one SRO for each different sector, where a fintech may have to be a member in more than one SRO. The SRO framework anticipates an ecosystem with multiple SROs and encourages all fintechs to be a member of at least one recognized SRO,” VC firm 3one4Capital said earlier.

The post [Update] Fintech Founders Partner To Set Up New Self Regulatory Organisation appeared first on Inc42 Media.

“I have a lot of nice things that I could talk to you about, but I have a slide that I want to show you that disturbed me a lot,” commerce and industry minister Piyush Goyal said during his address at the Startup Mahakumbh today. This came after the minister heaped praises on the country’s burgeoning startup ecosystem, and was his attempt to nudge investors and entrepreneurs to change their priorities and think about big innovations.

During his speech on the inaugural day of the three-day event, Goyal presented a slide, titled “India Vs China: The Startup Reality Check”, which he said someone shared with him a few days ago. It compared the tech innovations in the two countries. 

The slide compared blooming Indian startup sectors like foodtech, D2C and quick commerce with China’s dominance in deeptech sectors like EVs, semiconductors, AI and robotics. 

Goyal addressed almost each of these comparisons and expressed concerns over how Indian innovations are tilted towards convenience-oriented businesses. 

“My reply to this was “very inspiring” and I want each one of you to take some inspiration from this. Some might call me out for comparing with other nations, but I don’t have qualms about that. We are the world’s third-largest startup ecosystem and we should aspire to be the largest in the near future,” Goyal added.

Indian Startup Ecosystem’s Convenience Problem

Starting off with the comparison of food delivery with EV and battery tech, he said India as a nation has been obsessing over food deliveries while our neighbouring country has fortified its tech solutions in the aforementioned deeptech sectors. 

While China has been advancing its tech play, the Indian startup ecosystem is focussed on food delivery apps, which utilise the cheap labour of unemployed youth, he said. 

Goyal also said that many startups in India are selling ice creams by packaging them in an appealing way and labelling them as healthy, which is seldom the case. 

“Are we going to make ice cream or chips?… Aman Gupta, change your investment perspective on Shark Tank!” he remarked.

Gupta, the cofounder of boAt and a judge on TV show Shark Tank India, was among the audience during the address. 

The minister also raised the issue of dearth of domestic capital, which he said has led to foreign investors acquiring Indian startups. 

“When it comes to instant grocery delivery, I don’t have problems, they can list at a few billion dollars, I will be really happy. I only wish that they had more Indian investors rather than foreigners buying all of our startups,” the minister said. 

His comments come on the heels of quick commerce major Zepto and ecommerce giant Flipkart firming up their plans to list on the bourses. While Zepto is backed by foreign investors like General Catalyst, Y-Combinator and Lightspeed, Flipkart is owned by US-based retail giant Walmart.

Earlier in the day, Indian Angel Network cofounder Padmaja Ruparel also highlighted how India is losing out on its early stage healthtech startups to overseas players due to a lack of domestic capital.

While China is also home to a number of foodtech and quick commerce players, Goyal’s comments were aimed at encouraging Indian entrepreneurs and investors to take more risks and come out with innovations in the deeptech sector.

The Need For Deeptech Startups 

During a session at the Startup Mahakumbh earlier in the day, Peak XV Partners’ Rajan Anandan labelled deeptech as the final frontier for the Indian startup ecosystem and expressed confidence that the country would emerge a leader in the sector. However, Goyal shared his displeasure with the current state of deeptech in India.

Pointing out that the country is home to a very few active deeptech startups, the minister said that the propagation of innovations in such fields is imperative to establish India as a global innovation hub. 

“When I look at deeptech, the numbers are a disturbing sign. Wealth creation in the short term may happen with some of these conveniences. But are we looking at dukaandari (shopkeeping) or are we looking to compete globally with our innovations?” he asked the audience. 

In a bid to promote deeptech in India, the Startup Mahakumbh is also hosting a couple of competitions to promote innovations in sectors like cybersecurity, AI, robotics, biotech, among others. The price pool of these competitions is pegged at over INR 70 Cr. 

Goyal called for a larger pool of INR 500 Cr worth cash prizes for contests hosted at the next edition of the event. He urged defence ministry, Nasscom, and unicorns to pitch in to make the pool larger moving forward.

The post Piyush Goyal Gives A “Reality Check” To Indian Startup Ecosystem appeared first on Inc42 Media.

As part of its ongoing trade deal negotiations with the US, India has reportedly agreed to “significantly” cut tariffs on import of electric vehicles (EVs).

While domestic players have been opposing any reduction in tariffs, the Centre has decided to go ahead with the cuts as it believes that the domestic auto industry has been protected for “too long”, Reuters reported, citing sources. However, the report didn’t specify the quantum of rate cuts. 

This comes as US President Donald Trump is set to announce reciprocal tariffs tonight on all countries.

Earlier, reports said that India might altogether remove import tariffs, which would lead to a significant decline in the prices of cars coming from the US.

Reduction in tariffs will definitely remove the first hindrance for Tesla, which is nearing an entry in India. From finalising locations for its maiden showrooms in the country to hiring employees for its India adventure, the Elon Musk-led company has accelerated its India entry plans. 

The billionaire tycoon, who is also a close aide of the president of the US, earlier highlighted India’s high import duties as a concern. 

India’s EV Manufacturing Push 

Mulling India entry for some time now, Musk said in the past that India’s high import tariffs make Tesla vehicles unaffordable and that the company won’t manufacture in a country where it can’t sell and service cars first. 

As of now, India’s import duty on vehicles varies based on CIF (cost, insurance, and freight) value and vehicle type, with 100% customs duty for cars with CIF above $40,000 and 70% for those below. Used cars face a 125% import tax. 

However, in a bid to promote domestic manufacturing, the Centre, in March last year, approved a new policy under which EV companies which agree to invest at least INR 4,150 Cr (about $500 Mn) in India to set up manufacturing facilities would have to pay lower duty on imports of EVs. The move was seen as a bid by the Indian government to woo Tesla to the country.

It is pertinent to mention that Tesla’s cheapest variant, Tesla Model 3, comes with a price tag of $42,490 (INR 36.3 Lakh), qualifying for the maximum import duty sanction for a fresh car. 

Tesla’s Tryst With India

While Tesla plans to enter India, it remains to be seen if it can compete in the country’s price-sensitive market. Currently, the two highest selling EV cars in India, MG Windsor EV and Tata Nexon EV, cost less than INR 20 Lakh.

Thus, a potential price tag of over INR 70 Lakh in India, inclusive of existing tariffs, can potentially lead Tesla’s bid to penetrate the India market in jeopardy. 

The same was also highlighted by brokerage firm CLSA earlier last month, when it observed that the price factor would make it difficult for the EV giant to crack the Indian EV landscape. 

Moreover, the brokerage believes that even if Tesla manages to launch a sub-INR 25 Lakh on-road model in India and gain market share, it would still not have any significant impact on incumbents like Maruti Suzuki, Hyundai or Tata Motors. 

Despite the sombre predictions on Tesla’s India entry, domestic automakers are pushing the government to delay any cut on EV tariffs at least until 2029, and then take a phased approach in reducing the duties. 

The post Advantage Tesla? India To Cut EV Tariffs To Secure US Trade Deal appeared first on Inc42 Media.

The world’s third-largest startup ecosystem was abuzz with activities in the last month of the financial year 2024-25. Amid a growing number of startups gearing up for the D-Street and investors doubling down on their startup bets, Indian startups raised a whopping $1.1 Bn last month, up 58% from the $636 Mn raised in February.

But, it was the country’s direct-to-consumer (D2C) sector that stole the show, as we (Inc42) unveiled the FAST42 2025 Ranking — the coveted list of India’s 42 fastest-growing D2C brands.

However, while we were at it, we realised how far we have come since 2014. In our 11-year-long voyage, we understood what it takes to patiently navigate through thick and thin and emerge triumphant. 30 Startups to Watch, Inc42’s flagship series, is a testament to the same. 

Just like every month, we are back to shine the spotlight on 30 of India’s hottest early-stage ventures that are on the path to disrupting their respective sectors.

While February’s cohort (56th) featured a balanced mix of startups —from deeptech and AI to fintech and D2C — the 57th edition of 30 Startups to Watch, powered by Google, takes things up a notch. 

This time, we’re spotlighting innovators building humanoid robots or harnessing AI for agriculture. Alongside, second and third-time founders are pounding the startup table with bold new bets.

This edition also has investors who have taken an entrepreneurial leap, proving that the Indian startup ecosystem is full of thrilling opportunities.

Now, without any further delay, here are 30 of the most high-impact Indian startups that caught our eyes in March 2025.

Editor’s Note: The list below is not a ranking of any kind. We have listed the startups alphabetically.

1312 Interactive: Building Indian Games For The World

The Hyderabad-based game publisher, which is focussed on premium PC and console titles, was founded in 2023 by gaming industry veterans Deepak Gurijala and Raviteja Mantena to support Indian game developers in taking their games global. 

With India’s gaming landscape rapidly evolving beyond mobile, 1312 Interactive is working to fill key gaps in publishing, marketing, and production. The studio handpicks nearly completed games, primarily in action-adventure, Metroidvania, and puzzle genres, and helps refine them for a global audience. It offers end-to-end support, from quality assurance and localisation to marketing and distribution.

The startup follows a flexible publishing model, providing developers with financial backing through a minimum guarantee while taking on the responsibility of launching their games. As sales grow, developers earn a bigger share of the revenue.

1312 Interactive is currently focussed on expanding its first three titles: Winds of Arcana, Palm Sugar, and Souls of Bombarika.

The goal is to release 6-7 games annually across platforms like Steam, PlayStation, Xbox, and Nintendo Switch, putting India on par with major game-developing nations.

Anmasa: A House Of Nutrient-Rich Foods 

After exiting Milkbasket (acquired by Reliance), Yatish Talvadia has launched a new D2C daily essentials brand, Anmasa, along with Shailendra Upadhyay (founder of Veggie India). Launched in March 2025, Anmasa sells staples like atta, wood-pressed oils, spices, and dry fruits.

Gurugram-based Anmasa became fully operational towards the end of 2024. Currently, the omnichannel startup offers 80+ stock keeping units (SKUs).

The startup’s USP lies in its commitment to providing cold-pressed flour.

Anmasa targets customers who avoid packaged wheat flour from popular brands like Aashirvaad, Pillsbury, or Fortune.

At its current capacity, Talvadia claims to serve more than 2,000 customers through both online and offline channels in Gurugram. The startup is in talks with investors to raise $1 Mn in its pre-seed funding round to expand its presence in the Delhi NCR region.

Anmasa plans to open at least 10 to 12 physical retail outlets, or “experiential centres,” in the region in 2025.

Antithesis: Betting On Beauty And Minimalism

Aparna Saxena, a former partner at Good Capital and ex-member of the Bharat Founders Fund, is on a mission to simplify beauty routines with her new startup, Antithesis. 

Frustrated by the overwhelming number of beauty products that often fail to deliver real results, she saw an opportunity to do things differently.

Antithesis is built on the idea of “the luxury of less” — offering simple, effective beauty solutions backed by data. While the brand hasn’t launched its product lineup yet, it plans to go live by summer 2025.

With India’s beauty and personal care market booming, Antithesis is stepping into a space dominated by players like Nykaa, Conscious Chemist, Minimalist, and Pilgrim. But instead of chasing trends, the brand is betting on minimalism, efficacy, and transparency to stand out.

Arva Health: On A Mission To Transform India’s Fertility Care Landscape

Founded in 2022 by childhood friends Dipalie Bajaj and Nidhi Panchmal, Arva Health is a Bengaluru-based femtech startup addressing India’s fertility challenges. 

The platform offers fertility assessments, expert consultations, egg-freezing guidance, PCOS care, and advanced treatments like IVF and IUI. Through its website and app, users can access 24/7 support from doctors, counsellors, and fertility coaches, making care more accessible.

What started as a personal journey turned into a mission to bridge the awareness and accessibility gap in fertility care. The startup’s founder-led, social media-driven approach has helped it attracted millions of followers. Besides, this approach has also sparked critical conversations around fertility.

Currently operating in Mumbai, Delhi, Bengaluru, and select rural areas, Arva has served 2,000+ women and witnessed 680% revenue growth, with a steady 38% monthly increase. The NABL-accredited startup partners with leading diagnostic centres like Thyrocare, Redcliffe, and Tata 1MG.

Looking ahead, Arva plans to expand offline with its fertility centres and introduce a men’s fertility vertical.

With India’s IVF market set to cross the $5 Bn mark by 2033, Arva is working to normalise fertility conversations in the country.

axiTrust: MSMEs’ Strategic Financial Partner

Most MSMEs in India struggle with bank guarantees for contracts and orders, tying up valuable resources. Mumbai-based fintech startup axiTrust wants to change this. 

By offering financial products like surety bonds, it’s helping small businesses optimise their capital without the usual collateral hassles.

Founded in 2024 by Aditya Tulsian, Rajeev Chari, and Mukund Daga, axiTrust uses technology to provide real-time financial insights and tailored solutions. 

Its platform integrates smoothly with existing enterprise systems, making it easier for MSMEs to access micro surety bonds and streamline their financial processes.

Beyond financial products, it also offers consulting services, ensuring businesses get solutions that fit their needs. With fresh capital from a $2.6 Mn seed round led by US-based VC firm General Catalyst, the startup is gearing up to expand its team, develop mobile apps, and boost marketing efforts.

With India’s fintech market set to hit $2.1 Tn by 2030, axiTrust is carving out its space by making financial solutions more accessible for MSMEs—helping them grow without unnecessary roadblocks.

Beyond Appliances: Smart Living With Smart Kitchens

After making a mark in restaurant robotics with Mukunda Foods, Eshwar K Vikas is now setting his sights on Indian kitchens. Teaming up with his colleague Rakesh Patel, he launched Beyond Appliances in August 2024 to bring AI-powered innovation to everyday cooking.

The Bengaluru-based startup is reimagining kitchen essentials, starting with smart chimneys and hob-top stoves. Its AI-powered chimneys do more than just suck up smoke — they come with a 7-inch touchscreen, access to OTT and YouTube, predictive maintenance alerts, and a 3D suction system. 

Meanwhile, their Dorado Hobtop features timer-controlled cooking, auto ignition, flame failure safety devices, and digital timers to make cooking safer and more efficient.

With India’s smart kitchen market projected to hit $4.8 Bn by 2030, Beyond Appliances is banking on AI to carve out its niche. But it won’t be an easy ride.

The startup is up against heavyweights like Bosch, Faber, and Glen — brands that have dominated Indian kitchens for years.

By tapping into insights from Mukunda Foods and a network of chefs, Beyond Appliances is fine-tuning its products to better serve Indian households. And so far, the strategy is paying off. Within just six months of launch, the company has already built a strong customer base.

Bonomi: Everyday Coffee At Everyday Prices

For many, the day doesn’t truly begin without a cup of perfectly brewed coffee. Same was the case with Rahul Nijhawan and Vardhman Jain, who set out on a mission to perfect the art of cold brew coffee.

Founded in 2020, Bonomi has been serving affordable, flavourful cold brews in Bengaluru since 2022. It started by serving cold brew and now offers a mix of classic and unique flavours from its two cafes in the city. Beyond Bengaluru, Bonomi ships its cold brews pan-India through its website.  

Interestingly, the startup took an unconventional route to fundraising. About five months ago, Jain turned to social media to seek investors for Bonomi’s seed round. By March 2024, he announced that the round was nearly closed, with just 5% of the funding left to secure.

Bonomi has been EBITDA profitable for the past four months, which is a strong indicator of its sustainable future.

CredResolve: An AI-Powered Debt Collections Platform 

Debt collection remains a major pain point for banks and NBFCs, but GenAI is starting to bridge gaps in this line of work. 

Spearheading this change is Bengaluru-based CredResolve, which uses emerging tech to transform debt recovery and borrower engagement.

Founded in 2023 by Balaji Koustubha, G Prashant Kumar, and Vijay Kumar, CredResolve acts as a bridge between lenders and borrowers, streamlining the entire debt resolution process.

Its AI-driven system scores and categorises borrowers based on their ability to repay. If a borrower defaults, the platform automatically sends digital legal notices and manages litigations online. Additionally, it offers customised workflows for digital communication and provides loan collection agents with daily planners.

CredResolve works with major financial players like IDFC First Bank, L&T Finance, MobiKwik, and Lendingkart.

The Gurugram-based startup recently secured $1.1 Mn in seed funding from UNLEASH Capital Partners and CDM Capital. Last year, it raised $100K in an angel round from PedalStart, Tujala Goud, and others.

Femisafe: Safe & Sustainable Menstrual Solutions

Witnessing firsthand how sanitary pads were being disposed of during the pandemic, childhood friends Noureen Aysha and Naseef Nazar decided to introduce environmentally conscious menstrual health products. 

Launching their  femtech startup Femisafe in 2020, the duo is on a mission to make period care and intimate hygiene more sustainable and accessible. The brand offers innovative, eco-friendly products like menstrual cups, sterilisers, and personal care essentials. 

The startup’s star product is its menstrual cup — a reusable, budget-friendly alternative to pads, priced at under INR 350.  Beyond menstrual care, the brand offers face razors, aloe gels, acne pimple patches, and more.

Focussed on Tier II and Tier III cities, Femisafe is committed to making quality female wellness products accessible while driving awareness for informed health choices.

Firefly Diamonds: Ethically Crafted Lab Grown Diamonds

As lab-grown diamonds gain popularity, both emerging and established players are rushing to capture the market.

One such brand, Firefly Diamonds, was founded in December 2023 by brothers Adit and Aayush Bhansal.

The omnichannel startup sells lab-grown diamond jewellery through its website and retail stores in Mumbai, Pune, Bengaluru, and Hyderabad.

Firefly Diamonds uses advanced scientific techniques to replicate natural diamond formation in a controlled lab environment. The result? Diamonds that are chemically, physically, and optically identical to mined ones but with a much lower environmental impact.

The startup aims to open 20 more stores in the next two years.

Its entire supply chain — growing, cutting, polishing, and jewellery setting — is based in India.

Recently, Firefly Diamonds raised $3 Mn in seed funding from WestBridge Capital. The Mumbai-based company plans to use the funds to expand its retail presence, enhance its digital reach, and launch new collections.

FitFeast: Stirring India’s Protein Revolution

FitFeast, founded in 2021 by Aditya Poddar, is on a mission to make healthy eating simple and accessible for busy individuals. The D2C startup offers high-protein, tasty, and sustainable snacking options.

Its standout product? Protein shakes that come in convenient 50g sachets. Available in different flavours, these shakes are crafted to be both nutritious and delicious. FitFeast also offers a range of peanut butter and protein chips, all free from trans fats and gluten.

The startup kicked off with a $120K pre-seed funding round led by early-stage accelerator ACLR8 in November last year.

It grabbed attention when it landed an INR 50 Lakh deal on Shark Tank from Shaadi’s Anupam Mittal and Veeba’s Viraj Bahl.

Adding to the momentum, cricketer Axar Patel recently joined as both an investor and brand ambassador, further boosting the brand’s credibility and reach.

FluxGen: Making Industries Water-Positive

FluxGen, founded in 2021 by Ganesh Shankar and Emanuel Deepak, is on a mission to make water management smarter and more efficient. The climate tech startup uses AI and IoT to help industries cut down on water consumption by up to 30% with its end-to-end solution, AquaGen.

AquaGen offers real-time insights by tracking water levels, quality, pressure, and groundwater status while also mapping water flow across facilities.

Big names like Indian Oil, Tata, Adani, and L&T are already on board, alongside 120 other clients.

In just four years, FluxGen has racked up several accolades, including winning the KPMG Global Tech Innovator Competition (GTIC) 2024 and the Microsoft Entrepreneurship for Positive Impact Global Award. NASSCOM and DeitY even named it one of India’s 25 most iconic IoT startups.

The startup recently secured INR 28 Cr in a Pre-Series A round led by IAN Group and others. With this fresh capital, FluxGen is doubling down on innovations in groundwater intelligence, wastewater resource management, and water risk analytics.

GoOAT: Balancing Health, Taste & Convenience

Do you often find yourself running in the nick of time in the morning to reach the office, resulting in sacrificing your breakfast? While you might reach in time, missing out on the first meal of the day isn’t doing you any favours. 

That’s exactly the problem Yash Kalra set out to solve when he launched GoOAT in August 2023. The startup is focussed on making breakfast effortless.

The startup’s main USP lies in its flagship spoon-free high-protein oats series, which it says gets ready for consumption in only 30 seconds. 

These easy-to-prepare oats are packed with protein, sourced from pure whey, and enriched with the goodness of chia seeds, flax seeds, and dried fruit powder. Besides, the oatmeal comes in multiple flavours. 

The D2C nutrition brand raised an undisclosed amount in a pre-seed funding round led by D2C Insider Super Angels. Besides, investors like Sirona’s Deep and Mohit Bajaj, Boba Bhai’s Dhruv Kohli, among others, also participated in the round.

With this funding, GoOAT plans to expand its product range and invest in R&D to bring more innovative breakfast options to the table.

Harvested Robotics: Automating Indian Farms 

Farming may be one of the world’s oldest professions, but it has always embraced new technology. So, it’s no surprise that AI, robotics, and drones are now making their mark on Indian agriculture.

Leading this tech revolution is Hyderabad-based Harvested Robotics, founded in 2023 by Rahul Arepaka and George Mathew. The startup is tackling one of the biggest challenges farmers face — labour shortages for weeding and harvesting.

Harvested Robotics is developing autonomous robots that can identify, select, and harvest crops with speed and precision. Equipped with AI-powered vision, advanced sensors, and smart decision-making, these robots navigate complex farm environments and handle delicate produce with care

By automating the harvesting process, the startup aims to reduce labour costs, minimise crop waste, and boost yields, all while making farming more sustainable.

iHub Robotics: Redefining The Future With Intelligent Robotics

Robots aren’t just transforming businesses, they might soon become a part of your everyday life. Sounds futuristic? That’s exactly the vision behind iHub Robotics.

Founded in 2022 by Athil Krishna, Akhil K Haridasan, and Sarath S, the Kerala-based startup is building humanoid robots that can recognise emotions, engage in natural conversations, and adapt to different situations seamlessly.

Their flagship robot, Tara Gen 1, is designed to move like a human. It can overcome obstacles, interact with people, answer questions, and even take on various service roles. 

iHub believes Tara could revolutionise industries like healthcare (as a robotic nurse), education (as a teaching assistant), and customer service (as an executive.

Despite being based in Ernakulam, Kerala, iHub is making waves globally. In January 2025, it became India’s first company to be recognised by NVIDIA and was selected for the NVIDIA Humanoid Robotics Program. 

Irame.ai: Enabling Businesses’ Interaction With AI

Founded in 2023 by ex-Spyne executives Kapil Arora, Ajay Mudhai, and Abhinav Sharma, Irame.ai is reimagining how businesses interact with AI. 

The startup helps organisations automate audits, cut operational costs by 80%, and enhance compliance.

At the heart of Irame.ai is Ira, its first autonomous AI agent, designed to simplify every data-driven workflow — from basic statistical analysis to handling complex multi-document processes. 

The platform also analyses customer feedback across surveys, reviews, social media, and support tickets, offering businesses a 360-degree view of customer sentiment and preferences.

Overall by automating feedback analysis, Irame.ai empowers businesses with real-time insights and personalised recommendations, helping them stay ahead of customer needs, improve satisfaction, and drive growth.

Iyaso: AI-Powered Speech Therapy Platform

For many people, speaking fluently can be a daily challenge, whether due to stammering, slurring, or other speech difficulties. 

Traditional speech therapy is valuable, but it often requires long sessions multiple times a week, which can be difficult to fit into busy schedules.

Iyaso, founded in 2023 by Viraj Kulkarni, aims to make speech therapy more accessible and effective through Eloquent, an AI-powered speech training programme. 

With just 10 minutes of daily practice, Eloquent provides structured guidance to help users build confidence and improve fluency at their own pace.

Since its launch, over 15,000 people across 150 countries have used Eloquent to strengthen their communication skills.

The programme incorporates proven techniques such as fluency shaping, stuttering modification, and cognitive restructuring, allowing users to practice in real-world scenarios and track their progress over time.

Beyond training, Iyaso’s AI offers personalised feedback, progress tracking, and even mood checks to support emotional well-being. 

LAT Aerospace: Building The Future Of Mass Aviation

To make flying taxis a reality in India, Zomato’s ex-COO Surobhi Das has announced the launch of her new aerospace startup LAT Aerospace. 

While details about its roadmap are still under wraps, the startup is building a network of high-frequency, low-cost, 24-seater, short take-off and landing, medium-haul aircraft.  

According to reports, the startup has already raised $20 Mn from Zomato’s Deepinder Goyal in a seed funding round. It now aims to raise another $50 Mn in the round. However, there has been no confirmation on this from the startup.

Meanwhile, LAT is not the first startup to bet on making air taxis a reality in the country. Startups like The ePlane Company and Sarla Aviation are also betting on vertical take-off and landing aircraft for urban air mobility and to combat traffic congestion. 

Naarica: Periodcare Gets A New Name

While living in Paris, Mumbai-based Shruti Chand felt there was a mismatch in the quality of products available in developed countries compared to those in India.

One issue that stood out to her was the low-quality period pads many Indian women rely on. Determined to bring a better, more sustainable alternative, she founded Naarica in 2023, introducing reusable period underwear to replace traditional pads.

Naarica’s period underwear features four absorbent layers in the gusset, capable of holding as much as four pads’ worth of flow and lasting for three years. 

The startup is already making waves, selling 10,000 units per month across India and Sri Lanka.

In addition to selling to customers through its website and ecommerce platforms, the startup operates a B2B vertical, which has partnered with over 40 entities like Delhi University, Amazon Distributors, and YoungIndians to sell their products.

The startup recently raised $30K from ace badminton player Saina Nehwal. Naarica is now aiming to reach 10 Lakh customers in India.

Nabhdrishti Aerospace: Building Micro Gas Turbines for Power & Propulsion

For industries that need smarter and more flexible power solutions, traditional combustion engines often fall short. That’s where Nabhdrishti Aerospace comes in.

The startup is building small gas turbines to cater to hybrid urban air mobility, unmanned aerial vehicles and decentralised power generation appliances. Founded by Rohit Chouhan, Arjun Srivatsa, Antanu Sadhu in 2023, Nabhdrishti Aerospace is supplying its tech to multiple sectors like power, aviation and drones. 

Its core technology centres around a single-engine core architecture that can be adapted for multiple applications. Its first engine, the ND 400 (400N thrust), is built for distributed power generation in industries like oil & gas and manufacturing, range extenders for heavy vehicles, and commercial power solutions for hospitals and malls.

The startup recently secured $3 Mn from Accel and IIMA Ventures.

Moving forward, it plans to deploy the capital to boost the development and testing of its engine prototypes and acquire talent. 

Neosapien: Personal AI Companion

Founded in 2024 by brothers Aryan and Dhananjay Yadav, NeoSapien is a deeptech startup developing AI-powered wearables that integrate seamlessly into daily life. 

The startup’s flagship product, Neo 1, is designed to function as a “second brain” to augment human cognition, offering real-time insights to help users manage information, improve focus, and make better decisions.

Neo 1 is India’s first AI-native wearable that tracks conversations and analyses emotions, offering users the ability to store unlimited memory and enhance their mental capabilities. The product aims to help users unlock their full potential by providing real-time analysis and insights.

Neosapien gained significant attention when it secured INR 80 Lakh from Namita Thapar during its appearance on Shark Tank India in January.

Demand quickly followed, with Batch 1 units selling out fast. Now, Batch 2 is open for early access at INR 9,999, with no subscription fees for the first year. 

While the official launch is still ahead, NeoSapien is gearing up to ship Batch 1 units and inviting users to experience Neo 1 firsthand through a roadshow for Batch 2.

Northstarz.ai: Eliminate Costly Hiring Errors

Human resource departments have been slow to catch up with AI, mostly because existing tools don’t go beyond basic resume screening. 

This is where Bengaluru-based Northtstarz.ai steps in. Founded in 2022 by industry veterans Avinash Singh, Rajiv Ranjan, and Saurabh Sisodia, the startup has built its own AI models trained on 40,000 real-life interviews to help companies hire smarter and faster.

Originally, the founders started with an employability assessment tool for fresh graduates but soon pivoted to focus on recruiters. Now, Northtstarz.ai offers an AI-powered hiring platform that helps HR teams post jobs, generate role-specific questions, and automate interviews. Candidates can take 15-20 minute virtual interviews, and the AI shortlists top talent based on recruiter preferences. It even detects AI-generated responses to keep hiring fair.

With pricing starting at INR 12,500 for 50 interviews, Northtstarz.ai claims it boosts recruiter efficiency by 3X.

Looking ahead, the team plans to onboard 40-50 more paying customers, build an AI tool for corporate performance management, and expand internationally. 

OSSO: Next-Gen Orthopaedics

Sports injuries, including muscle strains, sprains, and lower limb issues, are common among athletes. To address this, Kunal Kishore Dhawan and Avani Shukla founded OSSO (One Stop Solution for Ortho) in 2024. 

The startup is on a mission to simplify orthopaedic care by bringing everything under one roof — whether it’s treatment for sports injuries, physiotherapy, or regenerative medicine. 

It offers a multi-disciplinary approach that combines orthopaedics with physiotherapy to ensure a full-circle recovery process.

At OSSO, every patient gets a personalised treatment plan designed by both an orthopaedic doctor and a physiotherapist. The startup’s thesis is simple — focus on prevention just as much as recovery, using advanced medical technology alongside hands-on care.

With its first clinic now open in Gurugram, OSSO aims to become a comprehensive care facility for sports injuries and orthopaedic health.

Phot.ai: Charging Up Your Brand Recall

With smartphones in every pocket, faster internet, and changing shopping habits, India’s ecommerce market is thriving. But with endless scrolling, brands often struggle to capture customers’ attention, unless their branding is too powerful to be ignored.

That’s where Gurugram-based Phot.AI comes in. Founded in 2023 by Venus Dhuria, Aneesh Rayancha, and Akshit Raja, Phot.AI helps ecommerce brands create eye-catching product images, ad designs, and marketplace listings without the hassle of manual design. 

Using AI, brands can instantly generate visuals for platforms like Amazon, Shopify, and Meta Ads.

With 3 Mn signups globally, the startup offers 25+ AI-powered photo editing tools and an integrated design studio to streamline content creation.

Phot.AI recently raised $2.7 Mn in a seed round led by Info Edge Ventures, with backing from Together Fund, AC Ventures, and over 50 angel investors. Now, the team is on a mission to make digital branding effortless and impactful.

Rezolv: Empowering Lenders With AI-Driven Debt Recovery

After successfully building Kissht, founders Karan Mehta and Sonali Jindal are back in the game with their latest venture, Rezolv, a digital lending startup tackling one of the biggest pain points in the industry — debt recovery.

Launched in October last year, Rezolv uses AI, GenAI, and advanced analytics to streamline the entire debt collection process, from early delinquencies to write-offs, all within a single platform. 

Its product suite includes full lifecycle management, multi-product support, and adaptive workforce models, helping lenders improve recovery rates.

What sets Rezolv apart is that it allows lending companies to create custom workflows without relying on IT teams.

Despite launching its operations in January this year, Rezolv has already onboarded two NBFC clients. In March, it secured $3.5 Mn in seed funding, led by 3one4 Capital, to scale its platform and expand its reach.

SHOEGR: Revive Your Brogues

We know how much you love to keep your shoes spotless, but let’s be honest, constant cleaning is a hassle. That’s why SHOEGR is making shoe care effortless with its range of cleaning, protection, and storage solutions.

Founded in 2021 by Saurabh Gupta, Anuj Sachdeva, and Ankit Roy, ShoEGR helps you take care of your favourite sneakers or formal shoes at home with easy-to-use kits. Instead of struggling with stubborn stains or worn-out soles, you can now keep your footwear in top shape without the extra effort. 

SHOEGR’s product line surpasses traditional shoe care norms. The startup presents cutting-edge cleaning solutions and stylish storage options, demonstrating its unwavering commitment to seamlessly blend practicality with a trendy edge in each product.

Its product line includes a plethora of shoe care products, including cleaning kits for standard, suede shoes as well as shoe laundry kits.

These kits range from INR 549 to just under INR 3,000.

Sisir Radar: Pioneering The New Era Of Radar-Based Monitoring & Intelligence

For industries that need precise and dependable radar systems, especially in tough conditions, traditional radar technology often falls short. 

Understanding the challenge, Tapan Misra, Soumya Misra, and Urmi Bhambhani founded Sisir Radar. The founders are pushing the boundaries of radar technology with their advanced Synthetic Aperture Radar (SAR) and Ground Penetrating Radar (GPR). 

The startup’s solutions cater to defence, intelligence, and commercial applications, enabling 24/7, all-weather earth observation.

Sisir Radar’s tech is built for high-performance surveillance, security, and tracking, making it quite useful for military operations, maritime monitoring, and even air traffic control. 

It has already won two IDEX challenges to develop specialised SAR satellites for the Indian Air Force and is in the running for In-SPACe’s INR 1,500 Cr earth observation satellite project.

The startup recently raised $1.5 Mn in seed funding from Shastra VC. 

Visu.ai: Shielding Retail Stores With AI

No stranger to the startup world, TenderCuts’ founder Nishanth Ravichandran has taken yet another entrepreneurial leap. However, this time, he has AI on his platter.   

Inspired by the experiences he had with his meat delivery startup, Ravichandran launched Visu.ai last month. Visu.ai is an AI-driven platform focussed on retail security.

His experience scaling TenderCuts from a single store to over 60 outlets came with its fair share of challenges, and one of the biggest was internal theft and pilferage.

With no effective solutions in the market, he decided to build one himself.

The platform uses advanced computer vision to provide round-the-clock monitoring for retail stores. Its AI-powered tools, Cashier Watch and Customer Watch, integrate seamlessly with CCTV systems to detect suspicious gestures, shoplifting, and internal fraud.

The system doesn’t just record footage, it actively tracks cash handling, product movement, and theft patterns. According to the company, this real-time monitoring can cut down theft by up to 70%.

Headquartered in London, Visu.ai is setting its sights on the US, UAE, and Canadian markets as it looks to redefine retail security.

Zealopia: Companion In Your Mental Health Journey

India’s mental health crisis is bigger than most people realise, with one out of seven individuals struggling with anxiety or depression. 

Yet, stigma, cultural taboos, and limited access to care keep many from seeking help. The hesitation to openly talk about mental health challenges only adds to the problem.

This is what Zealopia is trying to address. Founded by Ajinkya Bhasme in 2023, the startup is building a community to battle mental health issues among Indians. 

Instead of facing struggles alone, users can connect with others dealing with similar challenges through small, anonymous online support groups of 12 people.

But Zealopia doesn’t stop at peer support. The platform makes professional mental health care more affordable, offering access to expert therapists for just INR 1,000 per month. 

It also goes beyond traditional therapy by incorporating alternative healing methods like dance, music, and art therapy so that members can improve both their mental and physical well-being holistically.

Zelio E-Bikes: Affordable EVs For All

With India’s EV movement gaining momentum, Zelio E Mobility is carving out its space with durable and affordable electric vehicles.

Founded in 2021 by Neeraj Arya, the startup manufactures its escooters in its factory located in Hisar and sells its escooters across India through a network of more than 200 dealers.

In March, the company launched Little Gracy, a low-speed, non-RTO electric scooter for younger riders aged 10-18. Available in three variants, the scooter starts at an accessible price of INR 49,500.

Besides Little Gracy, the startup sells a host of escooters for adults as well as electric three-wheelers. Its products come with telescopic suspensions, anti-theft alarms, USB ports, parking gears, and alloy wheels. 

[Edited by: Shishir Parasher]

The post 30 Startups To Watch: Startups That Caught Our Eyes In March 2025 appeared first on Inc42 Media.

At a time when the Indian startup ecosystem is filled to the brim with the fervour to give investors exits via the public listing route, investors seem to be treading cautiously — at least what Inc42’s latest shows. 

As per Inc42’s “Indian Tech Startup Funding Report, Q1 2025”, even though Indian startups have managed to see a 41% year-on-year (YoY) uptick in funding in the first quarter (Q1) of 2025 (January to March), the metric has largely remained unchanged in comparison to Q2, Q3 and Q4 of 2024.

Indian startups raised $3.1 Bn across 232 deals between January 1 and March 26 versus $2.2 Bn raised in 226 deals in the same quarter last year.

However, in the next three quarters of 2024, the funding amount remained flat at $3.1 Bn in Q2, $3.4 Bn in Q3, and $3.1 Bn in Q3 2024.

Overall, investors wrote an average cheque of $3 Mn for startups during the period. Although this reflects a 23% YoY drop, the median ticket size remained steady compared to the previous quarter.

Notably, industry experts believe that the Indian startup funding landscape, despite a YoY uptick, is undergoing churn. This is because most funds are focussed on finding strong founders with clear paths to revenue and profitability. 

“And this is despite the copious amounts of dry powder VCs are sitting on,” NuVentures Venk Krishnan said, highlighting a major gap in the VC ecosystem. 

Despite the ecosystem crossing $161 Bn in total funding across 11,200+ deals since 2014, the funding momentum in Q1 2025 reveals a more nuanced reality — one shaped by cautious investor sentiment and a sharper focus on quality over quantity. Here’s a closer look at how startup funding trends unfolded this quarter.

Stage-Wise Funding At A Glance

Seed stage startups bagged $188 Mn across 104 deals, up 18% from the nearly $160 Mn raised in the year-ago quarter. In the entirety of 2024, seed stage funding was up 31% to $893 Mn from $681 Mn in 2023. A further 18% rise shows that investors are willing to splurge on new ventures as GenAI takes centre stage.

During the just-concluded quarter, early stage names like Singulr AI and Gyaan AI (now MaxIQ) bagged big bucks to the tune of $10 Mn and $7.8 Mn, respectively, highlighting that investors are happy to loosen their purse strings for enterprise tech and SaaS startups. The trend saw enterprise tech retain its dominance as investors’ favourite sector in this segment.

Meanwhile, growth stage funding, comprising Series B and Series C rounds, did not see much action in Q1. Startups at this stage raised $1 Bn across 68 deals, marking a 7% YoY increase. 

Moving on, the biggest YoY increase in terms of overall funding came for late stage startups. Startups at this stage raised $1.8 Bn+ in 38 deals, up nearly 80% YoY.  

During the period under review (Q1 2025), six startups netted mega funding rounds (above $100 Mn). Indian startups could raise a mere three rounds in the year-ago quarter.  Sequentially, the number of such deals was slightly lower from seven in the final quarter of 2024. 

Healthtech startup Innovaccer raised $275 Mn in a Series F round, registering itself as the largest round of the quarter. Other companies to have raised mega deals during the quarter were — Zolve’s Series B $251 Mn, DarwinBox’s $140 Mn fund raise, Infra.Market’s pre-IPO round of $121 Mn and Leap Finance’s $100 Mn funding. 

Besides, as many as 31 startups raised fresh funds in the range of $20 Mn to $99 Mn during the quarter.

Fintech Sector Remains Investors’ Top Bet

On the back of multiple late stage rounds materialising in the quarter, fintech was investors’ favourite destination, securing $739 Mn versus $610 Mn raised by ecommerce startups and $458 Mn netted by enterprise tech. 

However, when it came to deal count, the fintech sector took the third spot on the Q1 2025 funding podium, with enterprise tech and ecommerce bagging 36 and 47 deals, respectively.   

Interestingly, despite accounting for the largest funding round (Innovaccer), the healthtech sector couldn’t garner much investor interest.

Startups in the sector cumulatively raised $301 Mn. Industry experts have attributed the lack of fresh capital influx in the segment to the monopoly of established players, the capital incentive nature of the business, and a lack of exit opportunities.

M&As See A Revival In 2025

After a slowdown in consolidation activity last year, the startup ecosystem saw a revival in mergers and acquisitions (M&As) in Q1 2025. 

A total of 26 M&A deals materialise during this quarter, up 73% from 15 such deals in Q1 2024 and 120% from 12 M&As in Q4 2024. 

Two of the largest acquisitions were HUL’s purchase of D2C skincare brand Minimalist and PE firm Everstone’s acquisition of a majority stake in SaaS company Wingify for around $200 Mn. Minimalist’s founders Mohit Yadav and Rahul Yadav cumulatively made about INR 1,500 Cr. 

The fintech sector was the most active in terms of acquisitions, with companies like Perfios, Incred, and Super.money acquiring smaller startups to strengthen their product offerings.

Bengaluru Is India’s Most-Favoured Investor Destination  

After losing its top spot to Mumbai in 2024, Bengaluru has regained its position as the leading startup hub in Q1 2025.

Startups in Bengaluru raised $1.4 Bn across 78 deals, nearly half of the total funding raised by startups across India during this period. 

Netradyne’s unicorn status and Zolve’s mega funding round contributed to Bengaluru’s strong performance.

Meanwhile, Delhi took second place, with startups raising $690 Mn across 48 deals, and Mumbai slipped to third place, with startups in the city raising $453 Mn across 42 deals. 

[Edited By Shishir Parasher]

The post Indian Startups Raised $3.1 Bn In Q1 2025, But Funding Momentum Remains Flat appeared first on Inc42 Media.